In his much-awaited annual letter to Berkshire Hathaway shareholders, Warren Buffett cautioned Donald Trump and his government to spend money ‘wisely’ and take care of those who get “short straws in life.”

The 94-year-old Buffett, hinted at a leadership transition soon saying, 62-year-old Greg Abel has “vividly shown his ability” to deploy capital.

The company has reported a third straight record annual operating profit, rising 27% to $47.44 billion. With net income totalling $89 billion, including gains from Berkshire’s common stock investments such as Apple and American Express.

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Berkshire’s cash stake reflected high business valuations and nine straight quarters of the company selling more stocks than it bought, including Apple.

“Often, nothing looks compelling; very infrequently we find ourselves knee-deep in opportunities,” Buffett wrote.

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What advice has Warren Buffet given to Trump

After 60 years at the helm of Berkshire, Buffett said his company will continue to prefer owning equities, primarily U.S. stocks, over cash, adding Berkshire is “not finished.”

However, he sent a cautionary message to Washington, lamenting how capitalism “has its faults and abuses–in certain respects more egregious now than ever,” with malfeasance by “scoundrels and promoters” in full force.

He has also urged the government to help preserve a stable U.S. dollar, saying “paper money can see its value evaporate if fiscal folly prevails,” and that the United States has in its history “come close to the edge.”

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Buffett said long-term success of Berkshire and the American economy, which he called the “American miracle,” has depended on people’s ability to participate. That, he said, is something Uncle Sam can encourage, or take away.

“Take care of the many who, for no fault of their own, get the short straws in life,” Buffett wrote, addressing the government. “They deserve better. And never forget that we need you to maintain a stable currency and that result requires both wisdom and vigilance on your part.”