Berkshire Hathaway says tax law gives it $29-billion boost

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

It has been more than two years since Berkshire made a major purchase, the $32.1 billion takeover of aircraft parts maker Precision Castparts Corp.

In its annual report filed alongside Buffett's letter, Berkshire details exactly how it got to the $29 billion tax bill-related benefit.

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.

Berkshire Hathaway reported a $65.3 billion increase in book value over 2017, boosted by a $29 billion gain from changes to the US tax regime.

Billionaire investor Warren Buffett used his widely-read annual letter to Berkshire Hathaway Inc. shareholders on Saturday to again call out the wasteful fees that many money managers charge.

NFL Draft 2018: Full list of 32 compensatory picks announced
Cincinnati lost offensive linemen Kevin Zeitler and Andrew Whitworth, among others, to lucrative contracts elsewhere last March. Based on some metric, the Cardinals' three picks equal the 57th pick overall, which would be a second-round selection.

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.

Berkshire was sitting on more than $109 billion in cash at the end of the third quarter of 2017.

Here's what to watch for in the latest letter from Buffett, 87, which is set for release online Saturday at 8 Berkshire's home page

"Prices for decent, but far from spectacular, businesses hit an all-time high", he said.

Wells Fargo and Apple were at the top of the list. Over the past 53 years, Berkshire has grown its per-share book value at a 19.1% rate compounded annually, better than the 9.9% gain for the S&P 500 stock index, including dividends. Berkshire's "A" shares also became the first stock ever to reach a price of $300,000.

Senators trade Derick Brassard to Penguins
To pull off the trade, the Penguins had to clear cap space by dealing the 29-year-old, who was popular with teammates and fans. This team is completely stacked down the middle with Sidney Crosby , Evgeni Malkin and Brassard centering the top three lines.

Despite our recent drought of acquisitions, Charlie and I believe that from time to time Berkshire will have opportunities to make very large purchases.

Buffett says a 10-year bet he made with a group of hedge funds shows why investors should be wary of fees and focus on investing regularly for the long term.

"I want to quickly acknowledge that in any upcoming day, week or even year, stocks will be riskier - far riskier - than short-term USA bonds". When the wager concluded on December 31, the index fund had won easily.

"We expect Buffett's annual letter to reassure investors that his health remains remarkable and he intends to be around for awhile", said Cathy Seifert, equity analyst at CFRA Research in NY.

United Kingdom employment rises for the first time in nearly two years
Trade contributed 0.4 percentage point to growth in 2017, the first time it's added to the expansion over a full year since 2011. On Wednesday it said it now looked clear that Hammond would undershoot this "by a significant margin".

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