Berkshire Hathaway CEO Warren Buffett, currently one of the 10 richest men in the world, discussed the mistakes he's made during six decades in charge of his company and his outlook on the economy in the coming years as part of his annual letter to shareholders.

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.

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