Warren Buffett on Saturday assured Berkshire Hathaway investors that despite the company's record cash pile and recent stock sales, "the great majority" of their money remained invested in equities.

Buffett praised the leadership of the five Japanese conglomerates in which he began investing in 2019 and said Berkshire would likely increase its stakes in the firms.

Buffett expressed confidence Greg Abel, his appointed successor to lead Berkshire, would carry on the tradition of giving investors frank annual updates.

Warren Buffett’s hotly anticipated annual letter to Berkshire Hathaway (BRK.A)(BRK.B) shareholders dropped on Saturday, alongside better-than-expected fourth-quarter results.

Below, we look at some of the key takeaways from Buffett’s letter.

Berkshire Hathaway’s total cash, cash equivalents, and short-term U.S. Treasury holdings stood at $334.2 billion at the end of the year, more than double its $163.3 billion stash at the end of 2023.

Buffett on Saturday reassured investors that despite Berkshire’s swelling cash pile, “the great majority” of their invested money is in equities, not cash.

Berkshire was a net-seller of stocks last year, buying $9.2 billion of stock and selling more than $143 billion. However, Buffett explained that the value of Berkshire’s non-marketable securities—that is, equity in companies that do not trade publicly, including those Berkshire owns outright—“remains far greater than the value of the marketable portfolio.” (Emphasis Buffett’s.)