Berkshire Hathaway CEO Warren Buffett is stepping down. Buffett has made some strong bets, as well as some some investing missteps, over his 55-year career.

Warren Buffett shook the investment world on Saturday with four words: "The time has arrived." At 94, Buffett's pronouncement that he will step back from CEO duties and hand the reins to Abel — which the company made official with a unanimous vote on Sunday — is less a shock than a matter of necessity.

Warren Buffett has announced that he’s stepping down as CEO of Berkshire Hathaway at the end of the year. Buffett says he will still hang around to help his successor Greg Abel and will remain board chair at the organization.