Warren Buffett explained why Berkshire Hathaway will always prefer equity investments to cash, why the firm's investments in Japanese conglomerates is likely to increase, and the traditions he expects the company's future leaders to uphold.

In this year’s letter, Buffett addressed the U.S. government while touching upon Berkshire Hathaway’s sizable tax payments. The company paid the IRS a staggering $26.9 billion last year—about 5 percent of what all of corporate America paid, noted the executive.

Berkshire Hathaway’s operating earnings grew sharply in 2024. After a ninth straight quarter of selling stocks, Warren Buffett’s cash hoard is above $334 billion.