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Berkshire Hathaway, the holding company of United States billionaire investor Warren Buffett, received a stunning $29 billion check past year from the U.S. government, thanks to a new tax law that massively lowered corporate tax rates.

'The remaining $29 billion was delivered to us in December when Congress rewrote the US Tax Code'.

Buffet said that a dearth of "sensible" valuations led it to close nearly no takeovers of companies in 2017, adding that "price seemed nearly irrelevant to an army of optimistic purchasers".

Berkshire's cash pile swelled to $116 billion from $109 billion in the third quarter.

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.

"Our smiles will broaden when we have redeployed Berkshire's excess funds into more productive assets", Buffett wrote.

It's impossible to accurately know when the next market decline will be, according to legendary investor Warren Buffett.

When making investment decisions, Buffett and Munger have focused on building Berkshire in a manner that can withstand major economic downturns without the need for government bailouts.

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Two men are widely considered the frontrunners: Greg Abel, CEO of Berkshire Hathaway Energy Company, and Ajit Jain, executive vice president of Berkshire Hathaway's National Indemnity Company insurance subsidiary.

The investor shared the data which revealed Berkshire Hathaway's stock declined by a range of 37 percent to 59 percent multiple times over the last five decades.

While the Wells Fargo investment has struggled in recent months because of scandals over how it treats customers, Apple has performed better.

In the last few years, Buffett, 87, has shed many of his non-Berkshire responsibilities.

Some Berkshire stock investments are made by deputies Todd Combs and Ted Weschler, who Buffett said together manage about $25 billion, up from $21 billion a year ago.

"Often, high-grade bonds in an investment portfolio increase its risk", he wrote.

Fourth-quarter net income increased roughly fivefold to $32.55 billion, or $19,790 per Class A share, from $6.29 billion, or $3,823 per share, a year earlier. Operating profit, however, fell 18 percent to $14.46 billion, hurt by a rare loss from insurance underwriting.