Tariffs have caused lasting damage to the U.S. economy. Read why I plan to buy Berkshire Hathaway and select Magnificent 7 stocks during the next downturn.

Warren Buffett’s retirement as CEO overshadowed Berkshire Hathaway’s results. While wildfire losses hurt results, GEICO saw marked improvement, and the cash hoard grew.

As of Dec. 29, Berkshire Partners was still the largest shareholder in Portillo's with a nearly 19% stake. But before the company's initial public offering (IPO) Berkshire Partners owned more than 60% of the outstanding shares, meaning its stake has decreased significantly. And, again, Berkshire Partners isn't Berkshire Hathaway.

Berkshire (NYSE:BRK.A) (NYSE:BRK.B) was down 5% on the first trading day after CEO Warren Buffett announced he will step down at year-end, passing the baton to Greg

Warren Buffett will be riding off into the sunset. The 94-year-old, widely regarded as the greatest investor of all time, announced at Berkshire's annual shareholder meeting over the weekend that Greg Abel would take over as CEO by the end of the year.

Even though Warren Buffett hasn't made any specific mention of the Shiller P/E, or any valuation index for that matter, his actions -- i.e., 10 consecutive quarters of net-selling activity and Berkshire's record cash pile -- make crystal clear that stock valuations aren't attractive.