Trump tax cut fuels record profit for Buffett's Berkshire

Two Things We Learned From Billionaire Warren Buffett's Annual Shareholder Letter

"But", he added, "2017 was far from standard: a large portion of our gain did not come from anything we accomplished at Berkshire".

The rest was a gift from the new US tax code.

'The remaining $29 billion was delivered to us in December when Congress rewrote the US Tax Code'.

Buffett learned that so-called "risk-free" bonds were a "far riskier" investment than a long-term investment in common stocks.

Buffett said a "purchasing frenzy" binge by deal-hungry chief executives employing cheap debt has made that task hard.

"P$3 rices for decent, but far from spectacular, businesses hit an all-time high" previous year, he wrote. "In the meantime, we will stick with our simple guideline: The less the prudence with which others conduct their affairs, the greater the prudence with which we must conduct our own".

Buffett has always been a critic of the high fees charged by hedge fund managers, especially when they continue to charge those fees during periods of poor performance.

Buffett and Charlie Munger's aversion to using leverage may have "dampened" their returns over the last 53 years, but the long-term focused investors don't seem all that bothered by it.

All told, the S&P 500 had an overall gain of 125.8% while the group of hedge funds - which have never been publicly named - gained just 27%.

EPL: Salah leads Liverpool up to second in West Ham rout
Their last 10 league matches have produced 20 goals and a +6 goal difference which is far superior to the teams now around them. They are now up to 11th, four points clear of 18th place, which is occupied by their beaten opponents Swansea.

Amateur investors who put their money in low-priced index funds can beat the so-called "smart money" hedge funds charging extraordinary management and performance fees.

In the departure from past years, Buffett refrained from talking about the direction of the country or economy.

Buffett supported Hillary Clinton, a Democrat, in the 2016 USA presidential election.

Speculation about Buffett's successor has swirled for years.

Two men are widely considered the frontrunners: Greg Abel, CEO of Berkshire Hathaway Energy Company, and Ajit Jain, executive vice president of Berkshire Hathaway's National Indemnity Company insurance subsidiary.

Warren Buffett is stepping down from the board of directors of Kraft Heinz Co.

The insurance businesses reported an underwriting loss of $2.2 billion as hurricanes and other natural disasters in 2017 weighed on results, leading to the first annual underwriting loss after a 14-year streak of gains, Buffett said in the letter.

The investor shared the data which revealed Berkshire Hathaway's stock declined by a range of 37 percent to 59 percent multiple times over the last five decades.

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