OMAHA, Neb. (AP) — In his annual correspondence to shareholders on Saturday, Warren Buffett highlighted the remarkable achievements of Berkshire Hathaway’s subsidiaries over the past year and even over the past six decades since he transformed a failing textile operation in New England into a vast conglomerate. He also offered insights to President Donald Trump.

Buffett commenced his letter with an acknowledgment of his past missteps, though he refrained from detailing specific instances. He reassured shareholders that Greg Abel, the individual he has designated as his eventual successor, is fully prepared to seize significant investment opportunities.

Unlike a decade ago, when he and his late investment partner Charlie Munger — who passed away in 2023 — provided reflections on their leadership, Buffett’s recent letter was less introspective.

He pointed out that prior to his takeover in 1965, Berkshire Hathaway paid no income tax for a decade, a clear indication of a poor investment strategy. However, as the company has flourished, its tax contributions have risen dramatically, reaching $26.8 billion last year — an amount that surpasses all previous corporate income taxes collected by the U.S. government from any single company, including the tech giants valued in trillions.

Buffett typically avoids discussing political matters in his letters, choosing instead to focus on business. Nonetheless, he urged the government to manage fiscal resources responsibly.

“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 those who, through no fault of their own, struggle in life. They deserve better. And remember, we count on you to uphold a stable currency, which demands both wisdom and vigilance,” Buffett conveyed, reinforcing some long-held Democratic principles.

CFRA Research analyst Cathy Seifert remarked, “I viewed that as a subtly powerful yet significant message.”

When the time comes for Abel to take the helm, he will have an impressive financial foundation to work with, as Berkshire currently boasts $334.201 billion in cash reserves following the recent sale of substantial portions of its Apple and Bank of America holdings. This figure is nearly double the $167.6 billion held just a year prior, thanks to consistent profits from its various subsidiaries, including Geico insurance, BNSF railroad, and several major utility and retail brands like Dairy Queen and See’s Candy.

Buffett has allocated some of that cash, investing $3.9 billion to acquire the remaining portion of its utility business from a late partner’s estate and $2.6 billion for the completion of the Pilot truck stop chain acquisition. Additionally, he has increased Berkshire’s investment in five major Japanese corporations, totaling $13.8 billion over six years, with these holdings now valued at $23.5 billion.

Despite facing challenges in finding significant acquisition targets recently, Buffett reaffirmed that he has no intention of introducing a dividend.

Investor Bill Smead of Smead Capital Management expressed that Buffett’s actions suggest he might be “bearish as hell but won’t admit it.” He believes Buffett is cautious not to alarm investors while indicating, through past writings and current decisions, a perceived overvaluation in the stock market. Notably, some of the best investment opportunities he has identified in recent years exist beyond U.S. borders.

In a potential acknowledgment of Buffett’s age, the upcoming shareholder meeting in May — which typically draws tens of thousands of attendees — will be shorter this year. Buffett and Berkshire’s two vice chairmen will only address questions from 8 a.m. to 1 p.m., a reduction of several hours from the usual schedule. Additionally, Buffett candidly mentioned he now uses a cane to avoid potential falls.

Buffett began acquiring Berkshire stock at $7.60 per share in 1962, leading to its current status as the world’s most expensive stock, a testament to his extraordinary success in expanding the company without resorting to stock splits. As of Friday, Berkshire’s Class A shares were valued at $718,750 each, while the more accessible Class B shares were priced at $478.74.

At the annual meeting, Buffett will offer shareholders a special commemorative book celebrating the 60th anniversary of the company, filled with untold stories and valuable lessons from its history.