I was in the room when Warren Buffett said he was stepping down. The mood went from shock and disbelief to gratitude.

Warren Buffett said he plans to resign as Berkshire Hathaway CEO at the end of this year.

REUTERS/Rick Wilking

• I was in the room when Warren Buffett shocked the world by announcing his plans to step down as CEO.
• The audience was shocked into silence but rallied to give the investor two standing ovations.
• The Berkshire Hathaway chief said he'd informed neither his board nor his successor ahead of time.

I was in the room when Warren Buffett said he would step down as CEO at the end of this year...