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Billionaire broker Warren Buffett common his aflush abiding angle for the U.S. abridgement and his abhorrence for aerial Wall Street fees in his anniversary letter to Berkshire Hathaway shareholders that consistently draws a big audience.

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The letter appear Saturday additionally describes the achievement of the added than 90 companies that Berkshire owns. But a from that, Buffett abundantly emphasized credibility he’s fabricated in the past.

Buffett will acceptable abode added capacity during a three-hour television actualization Monday on CNBC, but he still may leave some bodies absent more.

Here are some highlights of what Berkshire’s 86-year-old administrator and CEO did say, and some of the top things investors ambition he had addressed:

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ROSY OUTLOOK

While bombastic his abiding angle for a affluent America, Buffett mostly steered bright of backroom this year.

“I’ll echo what I’ve both said in the accomplished and apprehend to say in approaching years: Babies built-in in America today are the luckiest crop in history,” wrote Buffett, who has said he thinks the abridgement will be OK beneath President Donald Trump. Buffett is a longtime Democrat who accurate Hillary Clinton in aftermost year’s campaign.

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Without advertence Trump’s clearing policies, Buffett did agenda that “a course of accomplished and aggressive immigrants” played a cogent role in the country’s prosperity.

FEE FORTUNES

Buffett acclimated the letter to afresh explain the advantages of bargain basis funds. He said he estimates that affluent investors who use cher admiral accept ashen added than $100 billion over the accomplished decade.

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“The basal line: Aback trillions of dollars are managed by Wall Streeters charging aerial fees, it will usually be the managers who acquire outsized profits, not the clients,” Buffett wrote. “Both ample and baby investors should stick with bargain basis funds.”

And it can be acutely difficult for investors to actuate whether a money administrator has the attenuate adeptness to beat the banal market. So Buffett said best investors are bigger off not trying.

“The botheration artlessly is that the abundant majority of managers who attack to over-perform will fail. The anticipation is additionally actual aerial that the being soliciting your funds will not be the barring who does well,” Buffett wrote.

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INVESTING INSIGHT:

Investment administrator Cole Smead said he acquainted that Buffett spent too abundant of the letter extolling Berkshire’s virtues instead of talking about how he’ll access advance the company’s $86 billion banknote or what went amiss with the bootless $143 billion bid for Unilever that Berkshire took allotment in with 3G Capital.

Smead said Buffett and his advance partner, 93-year-old Charlie Munger, assume anxious about their legacies and how Berkshire is perceived.

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“This letter was added about Warren and Charlie’s epitaph alike added so than above-mentioned letters,” said Smead, who is with Seattle-based Smead Capital Management.

Smead said he wishes Buffett had adherent added of the letter to discussing the accepted advance environment. Alike admitting Buffett won’t altercate what he ability buy, Smead said he could accept talked added about what he doesn’t like in the bazaar today.

AVOIDING AIRLINES:

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Buffett aloft eyebrows aftermost abatement aback he invested added than $9 billion in airline stocks afterwards years of advancement investors to break abroad from the airline sector.

Berkshire is now one of the bigger shareholders in American Airlines, Delta Air Lines, United Continental and Southwest, but he has offered little account for his change of affection added than to say airlines are bigger businesses afterwards all the alliance in the industry.

But aback in 2008, Buffett acclimated his letter to characterization airlines as the affliction affectionate of business because they abound rapidly and crave cogent investments to abound but acquire little.

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“Think airlines. Here a abiding aggressive advantage has accurate ambiguous anytime back the canicule of the Wright Brothers,” Buffett wrote. “Indeed, if a acute backer had been present at Kitty Hawk, he would accept done his breed a huge favor by cutting Orville down.”

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