Buffett will no longer be the CEO of Berkshire Hathaway. However, he plans to "hang around" and help out when needed.

The busiest time of year for Gorat’s Steak House in Omaha, Neb. isn’t Mother’s Day, Father’s Day or the holiday season. It’s every first weekend of May, when tens of thousands of Berkshire Hathaway shareholders descend upon the city to attend the conglomerate’s annual shareholder meeting, often dubbed the “Woodstock of Capitalism.”

No matter what Buffett says about his handpicked successor’s qualifications, investors will likely withhold their judgment until they see the results.