Warren Buffett optimistic about U.S. economy in annual letter

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OMAHA, NE -- Earlier this week we told you about how some in the financial industry expect Warren Buffett to buy a majority stake in Dallas-based Southwest Airlines.

Well, the billionaire businessman is back in the news. This time after the release of his annual letter to Berkshire Hathaway shareholders.

And this year's letter was filled with optimism about the United States' economic prospects. He added that the build-up of wealth could be interrupted from time to time but will not be stopped.

As for advice for everyday Joe Schmoes?

"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," Buffett wrote. "Both large and small investors should stick with low-cost index funds."

Agree or not - it's hard to argue that Buffett doesn't know what he's talking about.

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