Despite a miserable year in which Berkshire Hathaway made a loss and was forced to write down $ 3 billion on his investment, Warren Buffett told shareholders he would make a big deal.
He also said that this was" not a market call "and noted he did not know how the stocks would actually behave this year.
Buffett said that Berkshire Hathaway had $ 112 billion in cash by the end of 2018, despite having taken a beating on his investment in convicted consumer giant Kraft-Heinz. Investors were eager to find out what Buffett's plans were for Berkshire Hathaway's massive cash table. In recent years, Buffett has told investors that he had not found anything to buy that was not overpriced.
Meanwhile, Berkshire Hathaway has taken a large share in Apple in the past Three years. The business giant has also added bank content and made new efforts in the airlines.
Buffet's annual letter comes days after Kraft Heinz, one of the company's largest holdings, wrote down more than $ 15 billion on two of his most famous brands: Oscar Mey's and Kraft. Kraft Heinz also trimmed his dividends and revealed that the Securities and Currency Commission is examining its accounting practices.
The news, Kraft Heinz sent its shares down about 30 percent and slashed the value of Berkshire's stake in the company with over $ 4 billion. 19659003] It also led Barclays analyst Jay Gelb to enter Berkshire's tax in half. The analyst also said in a note to clients that Berkshire's quarterly figures are likely to be affected by "major global insurance industry catastrophe" due to the California firefighters last year and Hurricane Michael.
Click here to review previous letters. To watch video of Berkshire's previous annual meetings and other Buffett interviews, visit CNBC's Warren Buffett Archive.
-CNBCs Liz Moyer contributed to this report.