Buffett opened the letter by acknowledging that he has occasionally made mistakes over the years without offering many specific examples, but he assured shareholders that the man he has chosen to one day succeed him as CEO, Greg Abel, isn’t one of them. He wrote that Abel will be ready to act whenever he spots significant investment opportunities.

Buffett hardly reflected on his long tenure as CEO in the letter — unlike 10 years ago when he and his longtime investing partner Charlie Munger, who died in 2023, issued separate reflections on the company.

Buffett cited the fact that Berkshire paid zero income tax in the decade before he took over in 1965 as a sure sign the investment was a mistake, but over time the amount Berkshire pays to the IRS has grown along with the conglomerate to hit $26.8 billion last year — “far more in corporate income tax than the U.S. government had ever received from any company — even the American tech titans that commanded market values in the trillions.”

Buffett has hardly mentioned politics and current events in his recent letter — preferring to stay away from anything controversial that might hurt Berkshire’s companies, but Saturday he urged the government to be responsible with the money he sends it.

“Thank you, Uncle Sam. Someday your nieces and nephews at Berkshire hope to send you even larger payments than we did in 2024. Spend it wisely. Take care of the many who, for no fault of their own, get the short straws in life. They deserve better. And never forget that we need you to maintain a stable currency and that result requires both wisdom and vigilance on your part,” Buffett wrote.

CFRA Research analyst Cathy Seifert said, “I thought honestly in a very subtle way that was a powerful message.”

Abel will have plenty of resources to work with when he eventually takes over given that Berkshire now holds $334.201 billion cash after selling off much of its Apple and Bank of America stock in the past year and continuing to generate money from all its subsidiaries that include Geico insurance, BNSF railroad, a collection of major utilities and an assortment of major manufacturers and well-known retail businesses that include brands like Dairy Queen and See’s Candy. That’s almost double the $167.6 billion cash Berkshire held a year ago.

Buffett did find a few things to use some of that cash on last year by spending $3.9 billion to acquire the rest of its utility business from the estate of a former partner and another $2.6 billion to buy the rest of the Pilot truck stop chain. Buffett said he also increased Berkshire’s investment in five major Japanese conglomerates. Berkshire has now spent $13.8 billion over the past six years on those Japanese investments that are now worth $23.5 billion.

But while Buffett has struggled to find major acquisitions in recent years he affirmed that he has no plans to offer a dividend.

In what might be a nod to the 94-year-old Buffett’s age, the legendary investor announced that this year’s shareholder meeting in May that routinely attracts tens of thousands of people will be shorter. Buffett and Berkshire’s two vice chairmen will only answer questions from 8 a.m. until 1 p.m. — several hours less than usual. Buffett also acknowledged using a cane these days to avoid “falling flat on my face.”

Buffett began buying Berkshire stock for $7.60 a share in 1962. The stock grew to be the world’s most expensive shares because of Buffett’s remarkable success in building Berkshire and his aversion for splitting the stock. Berkshire’s Class A shares closed at $718,750 apiece on Friday, but the company does have a more affordable Class B stock that sells for $478.74.

Buffett promises shareholders a chance to buy a special 60th anniversary book filled with untold stories and lessons from the company’s history at the annual meeting.