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.

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Updated 35 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 31,605,656 — Total deaths: 970,934 Total recoveries: 21,747,491Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 6,897,432 — Total deaths: 200,814 — Total recoveries: 2,646,959 — Total tests: 96,612,436Map.
  3. Health: The U.S. reaches 200,000 coronavirus deaths — The CDC's crumbling reputation — America turns against coronavirus vaccine.
  4. Politics: Elected officials are failing us on much-needed stimulus.
  5. Business: Two-thirds of business leaders think pandemic will lead to permanent changes — Fed chair warns economy will feel the weight of expired stimulus.
  6. Sports: NFL fines maskless coaches.

Trump pushes to expand ban against anti-racism training to federal contractors

Trump speaking at Moon Township, Penns., on Sept. 22. Photo: Mandel Ngan/AFP via Getty Images

President Trump announced late Tuesday that the White House attempt to halt federal agencies' anti-racism training would be expanded to block federal contractors from "promoting radical ideologies that divide Americans by race or sex."

Why it matters: The executive order appears to give the government the ability to cancel contracts if anti-racist or diversity trainings focused on sexual identity or gender are organized. The memo applies to executive departments and agencies, the U.S. military, federal contractors and federal grant recipients.

Louisville declares state of emergency as Breonna Taylor decision looms

A demonstrator holds up a sign of Breonna Taylor during a protest in Louisville, Kentucky. Photo: Brandon Bell/Getty Images

Louisville Mayor Greg Fischer declared a state of emergency Tuesday "due to the potential for civil unrest" ahead of Kentucky Attorney General Daniel Cameron's expected announcement on the Breonna Taylor case.

Of note: Louisville has witnessed more than 115 days of protests over the police killing of Taylor, an unarmed Black woman, with calls for all the officers involved to be charged.

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