Michael J. De La Merced

Mr. Buffett won renown and made billions as one of the most successful stock pickers of all time. Mr. Abel’s strengths lie more in running businesses.

Mr. Buffett said at the annual shareholders’ meeting that he wanted to turn over the reins to Greg Abel at the end of the year. Earlier, he criticized Trump’s trade policies.

“Trade should not be a weapon,” he said at Berkshire’s annual shareholders’ meeting. Investors had been awaiting his comments on trade, given the conglomerate’s status as an economic bellwether.