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. Buffett no longer ventures much into politics or current events in his letters,

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