In his annual letter to shareholders Saturday, Warren Buffett celebrated 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 while offering some advice to President Donald Trump.

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.