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Investor Warren Buffet participates in the Treasury Conference on U.S. Capital Markets Competitiveness, Tuesday, March 13, 2007, at Georgetown University in Washington. (AP Ph

Video. Billionaire investor Warren Buffett to step down as CEO by year end

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The announcement, following a five-hour question-and-answer period at the company's annual shareholders' meeting on Saturday came as a big surprise, as the 94-year-old had previously said he did not plan to retire.

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