Here are Warren Buffett's 15 biggest stock investments

Unlike many multinational conglomerates Berkshire Hathaway's annual meet allows guests to bring along their children. In fact the company makes arrangements such as bringing in cartoon characters and shopping stalls

Buffett said GE remains a "wonderful" company, which prompted CNBC's Joe Kernen to ask Buffett whether he would be willing to buy the company's stock now. "Last September drove home that point, as three significant hurricanes hit Texas, Florida and Puerto Rico", he wrote in his letter to shareholders.

Buffett said investors can get clues about what he likes best by looking at Berkshire's portfolio.

But Buffett seems content to bide his time before doing another large purchase.

"The less the prudence with which others conduct their affairs, the greater the prudence with which we must conduct our own", Buffett wrote.

It was a note of caution that may reverberate as investors weigh whether the bull market will resume after this month's sell-off.

Warren Buffett believes investors should avoid using borrowed money to buy stocks.

Berkshire's insurance businesses lost more than $A150 million fro Cyclone Debbie a year ago, according to the June and September quarter financial reports. Acquirers paid a median of about 12 times earnings before interest, taxes, depreciation and amortization in 2017, up from a multiple of 8.9 in 2013, according to data compiled by Bloomberg. We are buying parts of businesses, via the ASX.

Berkshire's other businesses, which include BNSF railroad, a number of electric utilities and an assortment of manufacturing and retail businesses, helped offset the insurance losses.

In his letter to shareholders Saturday, Buffett said he seeks "a sensible purchase price", but in 2017 a "purchasing frenzy" pushed prices for businesses to an all-time high.

More news: Larger Rise in Stockpiles Than Forecasts Weigh on Oil Prices

Still, it was the cash pile that drew attention. He won that bet previous year. GE's accounting woes prompted the need to restate its financial results, so obviously its accounting practices are "not a model at all" for other companies to follow, Buffett said.

The tax gain Berkshire reported was mostly related to adjustments in the paper value of its deferred taxes and unrealized capital gains on stocks.

Berkshire's cash and cash equivalents rose to $116 billion at the end of the year. If he can't find enough sizeable deals, he said Berkshire may repurchase more stock instead of initiating a dividend.

"It is a bad mistake for investors with long-term horizons - among them pension funds, college endowments and savings-minded individuals - to measure "risk" in their portfolio's ratio of bonds to stocks", Mr Buffett warns. "He's getting ready for another punch".

Buffett's letter is always well-read in the business world because of his remarkable track record over more than five decades and his talent for explaining complicated subjects in plain language.

Warren Buffett does not own a smartphone - and doesn't plan to for a long time - but he loves his Apple shares. Despite his normal fist-pumping about the United States economy, Buffett made only a brief reference to how the country remains "fertile" ground for business.

Buffett said Monday the joint venture with Amazon 's Jeff Bezos and J.P. Morgan 's Jamie Dimon should have a " top-notch CEO within the year". "The remaining USD29 billion was delivered to us in December when Congress rewrote the U.S. tax code".

Greg Abel and Ajit Jain joined Berkshire's board in January and took on additional responsibilities.

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