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.