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.

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.