Berkshire Hathaway CEO Warren Buffett, currently one of the 10 richest men in the world, discussed the mistakes he's made during six decades in charge of his company and his outlook on the economy in the coming years as part of his annual letter to shareholders.

The legendary investor wrote in Saturday’s annual letter that Berkshire Hathaway will never prefer cash over “good businesses.”

Warren Buffett, in his annual letter to shareholders, defends Berkshire’s cash pile but says the company will always prefer equities when they’re attractive.

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.