Berkshire Hathaway CEO Warren Buffett yells "Go big red!", the Nebraska Cornhuskers chant, prior to the Berkshire annual meeting in OmahaThomson ReutersNEW YORK, Feb 25 (Reuters) - Berkshire Hathaway Inc.'s gain on its investment in Apple Inc. stands at more than $1.6 billion after shares of the iPhone maker surged.
"When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients", Buffett said in his annual letter to shareholders.
"Both large and small investors should stick with low-priced index funds".
"Charlie and I love our railroad, which was one of our best purchases", Buffett said, referring to longtime Berkshire Vice Chairman Charlie Munger.
We spoke with Business Reporter Steve Jordon and he gave some insight on Warren Buffett's letter and outlook on America's future.
Buffett said the figures left "no doubt" that he would win the bet.
In his annual letter to Berkshire shareholders, Buffett said investors "will nearly certainly do well" by staying with the long term with a "collection of large, conservatively financed American businesses".
Berkshire, which has stakes in Kraft Heinz, Coca-Cola and a number of other companies, and recently invested in Apple, has benefited from the Wall Street rally after Mr Trump's election.
Warren Buffett released his letter to Berkshire Hathaway share holders with a positive message that investment gains will continue to be substantial.
Based on Friday's closing price of $136.66, Berkshire's stake in Apple is valued at approximately $8.3 billion.
Mr Buffett, who supported Democratic candidate Hillary Clinton in the U.S. presidential election, did not address Donald Trump's policies. One word sums up our country's achievements: "miraculous", he said. "From a standing start 240 years ago ' a span of time less than triple my days on earth ' Americans have combined human ingenuity, a market system, a tide of talented and ambitious immigrants, and the rule of law to deliver abundance beyond any dreams of our forefathers".
Berkshire itself might seem anomalous, with shares of the Omaha, Nebraska-based conglomerate having generated a roughly 2 million percent gain in Buffett's almost 52 years at the helm.
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