Billionaire Warren Buffett, marking 60 years leading Berkshire Hathaway, told shareholders in his annual letter released Saturday that he continues to prefer stocks despite a higher cash position.

Billionaire Warren Buffett is viewed as one of the world’s greatest investors, so his annual letters to Berkshire Hathaway shareholders are always read closely for lessons.

Warren Buffett's latest letter to Berkshire Hathaway shareholders offered reflections on mistakes at the company, its growing cash pile, and outlined a slightly revamped annual meeting set for May.