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.

Warren Buffett is celebrating the successes of Berkshire Hathaway’s companies last year and in the 60 years since he took over a struggling New England textile company and began converting it into a massive conglomerate.

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.