Buffett Shareholder Letter States Mainly Allocating Funds to US Stocks, Makes No Mention of Cryptocurrency

On February 23rd, Warren Buffett, the Chairman and CEO of Berkshire Hathaway, stated in this year's annual shareholder letter: "Although some commentators currently regard Berkshire's large cash holdings as an unusual situation, the majority of your funds are still invested in equities. This preference will remain unchanged. Although our holdings in publicly traded stocks decreased from $354 billion last year to $272 billion, the value of our privately held businesses has increased and still far exceeds the value of our stock portfolio." Berkshire shareholders can be assured that we will always allocate the majority of your funds to stocks—mainly U.S. stocks, many of which have significant international operations. Berkshire will never give preference to holding cash equivalents over owning great businesses, whether in whole or in part." Furthermore, the shareholder letter indicated that Berkshire has been continuously increasing its borrowings denominated in yen, but without following any fixed pattern. All borrowings are at fixed rates, and there are no "floating rate" borrowings. "I have no idea what the future exchange rate movements will be, so we aim to maintain a position that is approximately neutral with respect to currencies." It is worth noting that this year's shareholder letter did not make any mention of cryptocurrencies.