Berkshire has outperformed the S&P 500 during the past year and past three years, and has nearly tripled during the past five years while the S&P 500 has doubled. The gains come even as Berkshire has been reducing its investments in equity securities and building up its cash position.

Last weekend, the company hosted its annual shareholder meeting in Omaha, Nebraska. The event reportedly drew about 20,000 people. As usual, CEO Warren Buffett shared many illuminating insights about the stock market and broader economy. But the most surprising announcement was undoubtedly that he plans to step down later this year.

Berkshire Hathaway Inc. won’t be the same without Warren Buffett running things, and now investors must think about what kind of company it will become under Greg Abel.