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.

Warren Buffett just released his widely anticipated annual letter to Berkshire Hathaway shareholders. As usual, it should be required reading for all investors.