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

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.

Warren Buffett will be riding off into the sunset. The 94-year-old, widely regarded as the greatest investor of all time, announced at Berkshire's annual shareholder meeting over the weekend that Greg Abel would take over as CEO by the end of the year.

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.

Even though Warren Buffett hasn't made any specific mention of the Shiller P/E, or any valuation index for that matter, his actions -- i.e., 10 consecutive quarters of net-selling activity and Berkshire's record cash pile -- make crystal clear that stock valuations aren't attractive.

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.