"You're losing one of the most esteemed investors one could argue of all time," a source said of investors' reaction to Buffett's plan to step down.

Buffett, one of the world’s richest people and most accomplished investors, took control of Berkshire Hathaway in 1965 when it was a textiles manufacturer. He turned the company into a conglomerate by finding other businesses and stocks to buy that were selling for less than they were worth.

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.