>> Billionaire Warren Buffet, the Oracle from Omaha released his annual letter for shareholders. I'm Trevor Hunnicutt for Reuters. Warren Buffet's Berkshire Hathaway is swimming in cash. They've got $116 billion that they don't know what to do with. Last year, due to the tax cuts, $29 billion in profits were added solely because of the new tax reforms that were passed in Washington.
And so now the company is really struggling with what to do with all this money. It's sitting in cash and bonds that don't make a lot of money, and Warren Buffett really wants to buy another company to make some more money. What he says is that there's not a lot of opportunity for them to do that right now with prices as high and the market as they are.
Investors often look to Warren Buffett's letters not just for the insights on business, but also for his take on the world and politics. He didn't have a whole lot to say about President Donald Trump. He was a supporter of Trump's rival, Hillary Clinton, in the last election. But what he did show was a little bit of his personality.
In the letter, he compared deal hungry CEOs to sex crazed teenagers. Investors are looking for Warren Buffet to give more of a sense of his succession plan and what he plans to do when he leaves his great empire. And two people are kind of thought to be in line for that role.
There's a gentleman by the name of the Ajit Jain. Another man, Gregory Abel, who have taken on a lot of the responsibilities that Warren Buffett has had over the years. And he had some very kind things to say about them in his letter, but he did say that America's economic soil is fertile.
And that he loves running the business, so he wants to do it for as long as he can