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'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.

Warren Buffett wrote in his annual letter to Berkshire Hathaway shareholders that despite the conglomerate's record cash haul, the "substantial majority" of their money is in equities.