Buffett warns investors that safe-looking bonds can be risky

"Only $36 billion came from Berkshire's operations".

Investor Warren Buffett says offered a collection of investment advice in his annual letter to Berkshire Hathaway shareholders.

"A large portion of our gain did not come from anything we accomplished at Berkshire", Buffett assured shareholders.

He also spent much of the letter explaining Berkshire's results for 2017, which were aided by a huge gain on the recent USA tax overhaul.

Warren Buffett's Berkshire Hathaway Inc on Saturday reported a record quarterly and annual profit, fueled by a big cut in the US corporate income tax rate championed by President Donald Trump.

Warren Buffett's letter to shareholders released Saturday showed the final scorecard of his 10-year bet against hedge funds.

The billionaire and CEO of Berkshire Hathaway highlighted a $29 billion tax gain for his company, bemoaned a lack of good deals and reminded his readers that owning stocks through low-priced index funds was the best way to build wealth over time.

Buffett also lamented his inability to find big companies to buy, and said his goal was to make "one or more huge acquisitions" of non-insurance businesses to bolster results.

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So Berkshire held almost $116 billion in cash and short-term bonds at year end.

"P$3 rices for decent, but far from spectacular, businesses hit an all-time high" past year, he wrote.

Abel and Tracy Cool, chief executive of Berkshire's unit, Pampered Chef, are the other Berkshire representatives on Kraft's board.

Wells Fargo and Apple were at the top of the list. And who will eventually replace the "Oracle of Omaha" as CEO at Berkshire - a conglomerate he has run since 1965 and that owns scores of businesses ranging from battery-maker Duracell to ice cream retailer Dairy Queen to auto-insurer Geico - is of great importance to investors.

The lower tax rate also contributed to a 23 percent full-year boost in Berkshire's book value, which measures assets minus liabilities and Buffett considers a good indicator of Berkshire's net worth, to $211,750 per Class A share.

Treasury yields have been rising since the start of the year, stemming from brewing inflationary pressures and massive bond supply to help fund US President Donald Trump's tax overhaul.

Kraft Heinz Co said on Friday billionaire investor Warren Buffett has chose to retire from the company's board following the end of his term in April to reduce travel commitments. That ended past year, and Buffett - who bet slow, steady gains by the S^and^P 500 would beat out hedge funds over the decade - won with flying colors.

Warren Buffett says the Trump tax cuts passed late a year ago were a huge win for him and his company, Berkshire Hathaway (BRK-A, BRK-B).


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