In his much anticipated annual letter to Berkshire Hathaway’s shareholders, billionaire investor Warren Buffett discussed his future plans, company’s profitability, latest US Tax Code and inability to acquire big firms. In the 24 February released letter, ‘Oracle of Omaha’ also explained how from the net gain of $65.3 billion made by the company last year, only $36 billion came from Berkshire Hathaway’s operations and remaining $29 billion were added due to the new US Tax Code that substantially lowered corporate tax rates. The US Congress recently cut the tax rate to 21 percent from existent 35 percent for the US companies, helping them to book significant financial gains.

Here are the 5 key takeaways from Warren Buffett’s annual letter to shareholders:

1)’Sensible’ price purchase

Warren Buffett informed that Berkshire Hathaway didn’t go about buying companies last year similar to what many other investment firms did, mostly because there were no options in the market which came at a ‘sensible’ purchase price. Most companies which hit an all-time high last year were ‘decent’ and not spectacular, he wrote.

2)High fees charged by fund managers

Warren Buffett has always been known to be very critical of massive fees charges by various hedge fund managers. In his latest letter too, he touched upon the issue. Fees charges by the fund operators always remains the same, no matter if the performance comes or goes, he wrote.

3)Bonds could be risky assets too

Bonds could be risky assets as well, he wrote. It’s a mistake for anyone, investing with long-term period  in pension funds and others such financial instruments, to evaluate their investment risk by portfolio’s ratio of bonds to stocks. Generally, high-grade bonds in a portfolio increase risk.

4)Supports Hillary Clinton

This year, the legendary investor chose not to comment on the overall economic situation of the US. He was less political with his comments this time around. However, this didn’t stop Warren Buffett from supporting Hillary Clinton, US President Donald Trump’s Democratic opponent in the 2016 elections. It’s publicly know that Warren Buffet doesn’t support Trump on many of his policies.

5)Who’s the successor

In 2015 annual letter to shareholders, he informed the shareholders that he has finally found the ‘right person’ to succeed him without mentioning any names. Two men; Greg Abel – CEO of Berkshire Hathaway Energy Company and Ajit Jain – executive vice president of Berkshire Hathaway’s National Indemnity Company insurance subsidiary were considered to be the frontrunners. Once again, he has chosen not to disclose the identity of his successor.