Warren Buffett’s shareholder letter is always a great read. Nea

The $65 billion gain is nonetheless real – rest assured of that. But only $36 billion came from Berkshire’s operations. The remaining $29 billion was delivered to us in December when Congress rewrote the U.S. Tax Code.

44% of their gain was a result of the tax overhaul. The read on his 10-year “bet” against managed funds is very good (news flash, the index fund won). Plus bonus points for quoting Kipling.