"Berkshire will never prefer ownership of cash-equivalent assets over the ownership of good businesses, whether controlled or only partially ... being a concern in the letter.

Warren Buffett took pains in his annual letter to Berkshire Hathaway shareholders to explain why the conglomerate had a cash ...

Not too much changed from last year's letter ... never prefer ownership of cash-equivalent assets over the ownership of good businesses, whether controlled or only partially owned." ...