The busiest time of year for Gorat’s Steak House in Omaha, Neb. isn’t Mother’s Day, Father’s Day or the holiday season. It’s every first weekend of May, when tens of thousands of Berkshire Hathaway shareholders descend upon the city to attend the conglomerate’s annual shareholder meeting, often dubbed the “Woodstock of Capitalism.”

Despite the billionaire’s frugal ways, his presence pumped up the local economy, drawing tourists and packing annual conventions.

In an announcement that many investors knew was coming but didn’t believe would actually happen, famed investor Warren Buffett said Saturday at Berkshire Hathaway’s annual shareholder meeting that he would step down as CEO at the end of the year.