Matt McAllister knows about the drill.

He traveled from his home in Fairhope, Alabama since the financial crisis to attend Berkshire Hathaway's annual shareholder meeting in Omaha, Nebraska. He lined up with friends outside the giant conference center around 2 a.m. to catch Warren Buffett's guidance.

But this year, McAllister arrived in the dark and found that a minority shareholder had built a sleeping bag, the earliest stock he had ever seen.

"People are very worried that this might be Warren's last meeting," McAllister said.

Those concerns were confirmed hours later when the 94-year-old Buffett told the crowd that he would quit as CEO of the sprawling conglomerate sixty years later.

Buffett has amassed thousands of devotees, not his investment acumen. Although he rarely gets caught up in political activity, he spent hours answering shareholder questions at his annual meetings to understand how to live a life financially and otherwise – and the ways he thinks the global economy might bring.

"He was the main inspiration for many," said Larry Knight, who set out from Ohio for his first meeting this year. “We know this may come, and that’s why we’re here this year.”

This conference has been a tradition since 1965. They were small at that time, with only two or three people appearing in an old loft above one of Berkshire's New England textile mills for events. The meetings were eventually transferred to the insurance company's cafeteria - Buffett's autobiography author wrote that by 1981, only 22 people had attended the meeting. Staff were rounded up so the room was not empty.

Now they attract thousands of people from all over the world who are eager to hear this folk advice known as "Omaha's Oracle", which has built a fortune of $16.8 billion and is known as one of the greatest investors in history. Shareholders returning year after year have built friendships and networks here to make annual events a reunion.

Many people are worried that this moment has come. Buffett delivered it in his usual casual manner, announcing it within the last five minutes of nearly four hours after asking a question. Even for his successor, Greg Abel, who will take over at the end of the year, it seems surprising.

Buffett told the crowd: "Greg didn't know this until what he heard now."

It's a poignant ending with both the festival of shareholders' meetings. The weekend is often called "Capitalist Woodstock" thanks to Berkshire's portfolio company, multi-day shopping for large picnics and 5K running events.

Berkshire's many portfolio companies, including ice cream maker Cow Queen, insurance group Geico and clothing seller fruit, have set up stalls to offer discounted merchandise to shareholders and their guests. Long Lines meandered through the conference center Friday afternoon as the portfolio company’s shareholders and CEOs purchased a variety of products.

Downtown Omaha is filled with Berkshire devotees of all ages and backgrounds. On Friday night, steakhouses throughout the city were filled with cheerful investors eager to meet with Buffett’s fans.

For many, the meeting was thrilled even before Buffett announced his retirement plan. 15 years ago, Ruben and Natalie Henriques, who lived in Sydney, Australia, attended the Berkshire conference for the first time on their honeymoon. As he left town to celebrate his first wedding, Buffett himself squeezed his financial guide into the trunk of the car. This year, Henriques brought their 9-year-old daughter Valentina.

"We just love to come back and be a part of it. It's a little pilgrimage," Natalie said. They said the news that they'll be stepping down soon was still shocked. "I'm a little tearful."

Thousands of investors attending Berkshire meetings every year thank Buffett for developing the moderate investment into a small fate. Cheryl Willis is Susan Buffett, daughter of Warren Buffett of Omaha Central High School, whose husband Gary first bought Berkshire stock a few years ago.

“It benefits our legacy: our children and grandchildren,” Willis said. “One grandson went to Loyola, Chicago, which puts all our children and grandchildren on a professional track.”

Even if Abel is ready to take over Berkshire, the couple has no plans to sell their shares, a long-term investment tip from one of Buffett’s own investment laws.

"I think Abel will follow the Berkshire investment plan," Gary said. "Once, I was worried that the stock would fall when Buffett fell. But I think it would upgrade and be higher."

After Buffett stepped onto the stage, hundreds of shareholders lingered in the arena, holding formal meetings, and votes followed. First, Abel will hold the court alone.

Flying around Denver, Peg and Nelson Rathert sat in the main seats on the floor, blending it all into it.

"I'm glad he did." Peg, 73, shined.

“There are 40,000 applauses thanks.”

Other reports by Eric Platt