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.
Missouri Governor Eric Greitens indicted for invasion of privacy
The incident referenced reportedly happened with his former hairdresser back in 2015, before he was elected governor. Louis CBS affiliate by the woman's ex-husband, who told the station that there was "no worse person" than Greitens.
Shock as unemployment rises at fastest pace in five years
Output per hour rose 0.8 per cent during the three month period, following recorded growth of 0.9 percent in the previous quarter. The ONS said the rise in unemployment has been driven by a growing number if young people who are not able to find work.
Mumbai surgeons remove heaviest brain tumour
Surgeons at the civic-run BYL Nair Hospital last Wednesday removed a brain tumour weighing 1.8kg from a 31-year-old man. Medics claim the biggest brain tumour that was successfully removed before this weighed just 3.1lbs (1.4kg).
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.