Billionaire Bill Ackman has wanted to use Howard Hughes Holdings to create a modern-day Berkshire Hathaway. After two unsuccessful attempts at making a deal, Ackman and Howard Hughes have agreed to terms.

Buffett talked about U.S. trade, the stock market and his own future at Berkshire Hathaway's annual shareholder meeting. Here are the highlights.

When Greg Abel becomes Berkshire Hathaway's new CEO next year he will of course take on additional responsibilities, but with Warren Buffett remaining as chairman, the surprise change announced at the annual meeting over the weekend is in some ways just another milestone in the company's succession plans.