OMAHA, Neb. (AP) — The Latest on investor Warren Buffett’s annual letter to Berkshire Hathaway shareholders (all times local):

8:45 a.m.

Billionaire Warren Buffett says encouraging CEOs to pursue acquisitions is a bit like encouraging a “ripening teenager to be sure to have a normal sex life.”

Buffett says many businesses have overpaid for acquisitions in the past year because of that kind of optimistic attitude.

Buffett says a CEO who hungers for a deal can always find a forecast from a banker or analyst to justify the purchase.

Berkshire Hathaway didn’t make many big acquisitions in 2017 because asking prices were so high.

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8:30 a.m.

Investor Warren Buffett says offered a collection of investment advice in his annual letter to Berkshire Hathaway shareholders.

Buffett says it’s important for people to invest money regularly regardless of the market’s ups and downs, but watch out for investment fees.

Berkshire’s billionaire CEO says a 10-year bet he made against a group of hedge funds demonstrates several investing lessons. The S&P 500 index fund Buffett backed easily outpaced the hedge funds.

Buffett says investors shouldn’t assume that bonds are less risky than stocks. At times, bonds are riskier than stocks.

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7:45 a.m.

Investor Warren Buffett says the acquisition frenzy on Wall Street is making it hard for him to find deals at the right price, but his Berkshire Hathaway conglomerate recorded a $29 billion gain because of the tax reforms Congress passed.

In his annual letter to shareholders Saturday, Buffett mixed investment advice with details of how Berkshire’s many businesses performed.

Buffett says a 10-year bet he made with a group of hedge funds shows why investors should be wary of fees and focus on investing regularly for the long term.

Buffett says the asking prices for potential acquisitions reached an all-time high in 2017. That kept Berkshire from making the kinds of big deals Buffett prefers.

So Berkshire held nearly $116 billion in cash and short-term bonds at year end.