Warren Buffett wrote that his multinational conglomerate could report $65.3 billion in gains of its net worth for the year.
Buffett got a $29 billion boost to net earnings in the fourth quarter from the tax code changes.
It's impossible to accurately know when the next market decline will be, according to legendary investor Warren Buffett. Careful decisions and an aversion to debt and speculation has gotten the firm this far - and that's the course it'll stay on, he said.
The renowned investor used his letter to shareholders to blame high valuations for Berkshire's recent "drought" of deals but revealed that Donald Trump's tax cuts had provided a $29bn boost to its war chest to help make "huge acquisitions" this year.
"P$3 rices for decent, but far from spectacular, businesses hit an all-time high" a year ago, he wrote.
Buffett noted, however, that only $36 billion came from Berkshire's operations. "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".
"If Wall Street analysts or board members urge that brand of CEO to consider possible acquisitions, it's a bit like telling your ripening teenager to be sure to have a normal sex life", he wrote.
Buffett says using borrowed cash to buy stocks, or "buying on margin", is a no-no for individual investors.
TSX, Dow push higher as loonie also gains ground
Volume on USA exchanges was 6.79 billion shares, below the 8.48 billion average over the last 20 trading days. The market is looking for clues from scheduled speeches from a number of Federal Reserve members.
Jury finds USTA mostly liable for Bouchard fall
The USTA, the sport's national governing body, didn't immediately respond to requests for comment on Thursday's verdict. She is now ranked 116 in the world and has not gone past the third round at a grand slam in her past nine attempts.
British Academia Disrupted As University Lecturers Down Tools
A Universities UK spokesperson said: "Union leaders need to listen to the concerns of the Pensions Regulator and USS". A recent ballot saw more than four-fifths of UCU members back strike action in a 63% turnout in Scotland.
Buffett touted his win in a bet that he made 10 years ago, in which he basically wagered that a low-priced index fund tracking the S&P 500 stock index would post better returns over the next decade than a portfolio of five fund of funds run by high-fee hedge fund managers, often considered the "smart money" on Wall Street.
Buffett has believed higher taxes should be imposed on the wealthy. "Fees never falter", he wrote.
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.
Buffett, 87, also avoided dropping any hints about who will take the reins at Berkshire when he retires.
Here's what to watch for in the latest letter from Buffett, 87, which is set for release online Saturday at 8 a.m.at Berkshire's home page http://www.berkshirehathaway.com/.
In his annual letter to shareholders Saturday, Buffett mixed investment advice with details of how Berkshire's many businesses performed.
"You and I are lucky to have Ajit and Greg working for us", Buffett told shareholders.