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 is celebrating the successes of Berkshire Hathaway’s companies last year and in the 60 years since he took over a struggling New England textile company and began converting it into a massive conglomerate.

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.