Warren Buffett just released his widely anticipated annual letter to Berkshire Hathaway shareholders. As usual, it should be required reading for all investors.

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.