The 94-year-old Buffett also acknowledged his advanced age in his annual letter, telling shareholders he now uses a cane and will spend less time fielding their questions at Berkshire's annual meeting in May.

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.