Berkshire (NYSE:BRK.A) (NYSE:BRK.B) was down 5% on the first trading day after CEO Warren Buffett announced he will step down at year-end, passing the baton to Greg

As of Dec. 29, Berkshire Partners was still the largest shareholder in Portillo's with a nearly 19% stake. But before the company's initial public offering (IPO) Berkshire Partners owned more than 60% of the outstanding shares, meaning its stake has decreased significantly. And, again, Berkshire Partners isn't Berkshire Hathaway.

Warren Buffett’s retirement as CEO overshadowed Berkshire Hathaway’s results. While wildfire losses hurt results, GEICO saw marked improvement, and the cash hoard grew.

Tariffs have caused lasting damage to the U.S. economy. Read why I plan to buy Berkshire Hathaway and select Magnificent 7 stocks during the next downturn.

I was quite surprised when Berkshire Hathaway (NYSE:BRK.B) shares took a 5% hit to the chin on the first trading day that followed the bombshell announcement that Warren Buffett would be stepping down as CEO.

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Berkshire has steadily increased its stakes in Japan’s five largest trading houses, with Chairperson Warren Buffett signaling in February that he plans to boost holdings further.