The mystery over Warren Buffett’s surprisingly defensive stance deepened over the weekend. The 94-year-old CEO of Berkshire Hathaway sold more stocks in the latest quarter and grew a record cash pile even larger to $334 billion,

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.

Billionaire Warren Buffett is viewed as one of the world’s greatest investors, so his annual letters to Berkshire Hathaway shareholders are always read closely for lessons.

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

The legendary investor expressed his inclination for equities even after selling large chunks of Berkshire Hathaway's investments in three major banks. "That preference won't change," Buffett wrote in his annual letter to shareholders.

There’s a good chance that Berkshire Hathaway’s stock will lag the S&P 500 in the coming years. This is a matter of simple probabilities, and not a criticism of Berkshire Hathaway Chairman and Chief Executive Warren Buffett or his designated successors.

Investors are poised to study the letter Saturday for insights about the stock market.

Warren Buffett wrote to Berkshire Hathaway shareholders in 2014 that most investors shouldn't try to pick individual stocks to buy because they couldn't "predict their future earn