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Warren Buffett warned that 'hot' stocks fade, joked about his age, and celebrated America in his annual letter. Here are the 10 best quotes.

Warren Buffett warned that 'hot' stocks fade, joked about his age, and celebrated America in his annual letter. Here are the 10 best quotes.

Warren Buffett.
AP Images



Warren Buffett released his yearly letter to Berkshire Hathaway shareholders.



The investor warned that frenzies around fad stocks eventually fade.



Buffett also discussed bonds, trading fees, and America's wealth generation.



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Warren Buffett described how hype around "hot" stocks can evaporate, reminded stock traders that their transaction fees fill Wall Street's coffers, and celebrated American prosperity in his annual letter on Saturday.The famed investor and Berkshire Hathaway CEO also joked about his age, bemoaned the outlook for bond investors, and admitted to overpaying for Precision Castparts in 2016.

Here are the best quotes from Buffett's shareholder letter for 2020, lightly edited and condensed for clarity:

1. "Precision Castparts is far from my first error. But it's a big one."2. "Investing illusions can continue for a surprisingly long time. Wall Street loves the fees that deal-making generates, and the press loves the stories that colorful promoters provide. At a point, the soaring price of a promoted stock can itself become the 'proof' that an illusion is reality. Eventually, of course, the party ends, and many business 'emperors' are found to have no clothes."
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