He no longer typically drops by Berkshire-owned Borsheim's Jewelry's Friday shareholder reception, which consumes an entire shopping mall and outdoor tent. (Buffett did preside there two years ago over a marriage proposal. She said yes.)

Starting in 2012, citing time constraints, he and Munger ended their news-lite Sunday press conferences, where Buffett would demur multiple times when foreign journalists asked "Where do you see investment opportunities in [name of country]?"

And this year, the webcast spells the end of Buffett's one-on-one media interviews.

"We no longer can accommodate the increasing number of requests," one of Buffett's assistants wrote. "In addition, the webcast of the annual meeting will let more people worldwide hear what Mr. Buffett and Mr. Munger have to say."

Buffett has also simplified his day job.

In 2006 and 2011, Buffett gave up his seats on the boards of Coca-Cola Co and Washington Post Co. Two lieutenants, Gregory Abel and Tracy Britt Cool, now sit on the board of Kraft Heinz Co, a major Berkshire investment.

Then in 2011 and 2012, Todd Combs and Ted Weschler came aboard to help Buffett invest Berkshire's money.

And now General Re, Buffett's third largest acquisition, will be cared for by Jain.

Goss said when Buffett does depart, some of the "Midwestern sensibility" that investors equate with him, Berkshire and Omaha will go with him.

"All of a sudden Omaha will be less identified with Berkshire Hathaway, and it will be a change," he said.

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