"A large portion of our gain did not come from anything we accomplished at Berkshire", Buffett said.
Buffett learned that so-called "risk-free" bonds were a "far riskier" investment than a long-term investment in common stocks.
The firm's most recent annual letter revealed the investment conglomerate's net worth surged $65 billion in 2017, with $29 billion of that stemming from tax proceeds. They are struggling to put that money to work because of a "purchasing frenzy" by deal-hungry chief executives employing cheap debt that pushed "prices for decent, but far from spectacular, businesses" to "an all-time high".
Buffett bemoans the acquisition frenzy on Wall Street that's been fueled by extraordinarily cheap debt, making it hard to find possible acquisitions at a "sensible purchase price".
"[Investing partner] Charlie [Munger] and I believe that from time to time Berkshire will have opportunities to make very large purchases", Buffett wrote.
It was also short on faulting excesses of Wall Street and Washington, and said nothing about Berkshire's plan to create a healthcare company with Amazon.com Inc and JPMorgan Chase & Co. That ended a year ago, and Buffett - who bet slow, steady gains by the S&P 500 would beat out hedge funds over the decade - won with flying colors.
Buffett has always been highly critical of the high fees charged by hedge fund operators.
Liverpool 4-1 West Ham Utd
Moyes seems to have been the catalyst as all of Arnautovic's 10 goal contributions have come after the Scot's appointment. And Moyes admits they were up against a risky Liverpool side that caused them "big problems" throughout.
Buffett in 2007 bet a founder of the asset management company Protégé Partners LLC $1 million that a Vanguard S&P 500 index fund would outperform several groups of hedge funds over a decade.
In the departure from past years, Buffett refrained from talking about the direction of the country or economy. And he's found himself at odds with Trump on several policy issues.
Speculation about Buffett's successor has swirled for years. Jain will run all of Berkshire's insurance businesses; Abel will run all of its non-insurance businesses.
Buffett closed out his annual letter with a shout out for the two men, who were both elected to Berkshire's board of directors last month.
Over time, however, Ben Graham's oft-quoted maxim proves true: "'In the short run the market is a voting machine; in the long run, however, it becomes a weighing machine, '" Buffett wrote in his newest annual shareholder letter.
"Berkshire's blood flows through their veins", Buffett wrote.