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AP Photo/Cliff Owen, File

Warren Buffett released his highly-anticipated annual letter to Berkshire Hathaway shareholders Saturday morning. It's widely read for clues on where the world's most famous investor thinks the economy and markets are headed. Key points:

  • Hedge funds stink: Buffet devoted nearly 5 pages to condemning hedge funds for charging high fees while delivering meager results to their investors: "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."
  • Immigration is good: Buffet said that you don't need to be an economist to understand that immigration has been at the foundation of what makes America great, adding that immigrants are partly responsible for the nation's "miraculous" economic growth. Note, however, that Buffet never mentions President Trump by name in his letter.
  • Stocks will continue to go up: "The years ahead will occasionally deliver major market declines — even panics — that will affect virtually all stocks." But don't panic, he says. "Yes, the build-up of wealth will be interrupted for short periods from time to time. It will not, however, be stopped... American business — and consequently a basket of stocks— is virtually certain to be worth far more in the years ahead."

And he heaps praise on Jack Bogle, founder of the Vanguard Group and father of low-fee index funds. "If a statue is ever erected to honor the person who has done the most for American investors, the hands-down choice should be Jack Bogle," Buffett writes.

Go deeper

Updated 40 mins ago - Politics & Policy

Congressional leaders clinch support for crucial defense bill, debt limit votes

Senate Majority Leader Chuck Schumer passes waiting reporters on Tuesday. Photo: Eric Lee/Bloomberg via Getty Images

Congress has found a shortcut to pass its annual defense funding bill and raise the debt limit.

Driving the news: The House voted Tuesday night on two major bills — one creating a one-time, fast-track process for the Senate to raise the debt ceiling with just 51 votes, and another passing its annual defense bill.

House passes annual defense bill

Speaker of the House Nancy Pelosi. Photo: Chip Somodevilla/Getty Images

The House voted to pass the annual defense bill 363-70 on Tuesday night, authorizing nearly $770 billion in funding for defenses and national security programs.

Why it matters: The National Defense Authorization Act (NDAA) still has to clear the Senate, but the House passage greatly increases the chances that the must-pass defense bill will move through both chambers of Congress before the end of the year.

Women politicians are under siege

Photo illustration: Sarah Grillo/Axios. Photos: Kevin Dietsch, Stefani Reynolds, and Alex Wong/Getty Images

Women in Congress feel besieged and singled-out amid surging threats against lawmakers at all levels, with some frustrated more hasn't been done to halt the trend.

Why it matters: As record numbers of American women are being elected to public office, their growing political power is being met with death and rape threats, sexist and racist abuse and online disinformation. Collectively, it's discouraged women from running for office.