>> The bulls on Wall Street getting the green light to keep on buying from the much-beloved granddaddy of investing, Warren Buffett. In his closely followed Berkshire Hathaway annual letter released Saturday, Buffett says American business, and therefore a quote, basket of stocks, is virtually certain to be worth far more in the years ahead.
But Buffett's love for stocks doesn't extend to professional stock pickers, says Reuters reporter Trevor Honeycut.>> We're in the middle of this great bull market, stocks are going up. Warren Buffett says, don't go to your fund manager or your advisor and buy whatever they tell you to buy.
He says, buy an index fund.>> Warren has got over the years, he's gotten a lot more aggressive on this point. And he's argued that the fees are too high on a lot of the funds that Wall Street offers investors and the performance is not good enough.>> The so call Oracle of Omaha is one of the richest man in the world and is closely followed not only because he oversees a massive conglomerate of more than 90 business stretching across the economic landscape.
But also for his legendary stock picking. Like grabbing up shares of Goldman Sachs during the financial crisis and some notable new buys.>> One of the things that was interesting over the past few months is that he has shown himself to be willing to businesses that he wouldn't have before.
He became a top ten holder in Apple last year. He bought a bunch of airlines, and he indicated in his letter that he's optimistic about that industry, and that's very new for him.>> He's buying a lot, and he's buying a lot of things that he hasn't bought before.
>> Buffett largely stayed away from criticizing the policies of President Trump in his letter, but he did get a thinly veiled swipe in there, urging investors to invest in America. Which he says owes his economic success in part to, quote, a tide of talented and ambitious immigrants.