Billionaire investor Warren Buffett has criticized those who criticize stock buybacks in his annual letter to shareholders of his company, Berkshire Hathaway. In the letter, Buffett referred to the critics as “economic illiterate.”

Buffett’s letter also included some of his most important lessons on investing and portfolio growth, according to Lee Munson of Yahoo Finance.

Berkshire Hathaway reported a big loss in the rocky market of 2022. The company’s fourth-quarter operating earnings fell 8%, while its cash hoard swelled to nearly $130 billion.

In addition to his comments on stock buybacks, Buffett also appeared to take a swipe at President Joe Biden in his letter. He wrote that the “the degree and complexity of the tax code is truly astounding and almost surely encourages tax avoidance.”

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