At the annual meeting of Berkshire Hathaway, known as “Woodstock for capitalists,” many wept at the departure of a singular figure in the business world.

It was closing in on 1 p.m. here when Warren Buffett, seated onstage before a rapt audience of about 40,000 at the CHI Health Center, said that he was getting a “5-minute warning.”

To most of those gathered here for the annual meeting of Berkshire Hathaway, his company, it was simply a signal that the annual gathering — known as “Woodstock for capitalists — was drawing to a close. The crowd, a mix of seasoned investors and wide-eyed newcomers, didn’t know they were about to witness a historic moment.

But the second Mr. Buffett mentioned the five-minute warning, I knew something big was coming. For a decade, I had the privilege of sitting on that stage with other journalists, posing questions to him — and for so many

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