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Warren Buffett says 'prices are sky-high' in Berkshire's annual letter



Despite a sour year in which Berkshire Hathaway posted a loss and was forced to write down $ 3 billion on its investments, Warren Buffett told shareholders that he wants to make a big acquisition

9 will probably see us again expanding our holdings of marketable equities, "Buffett added." We continue, however, to hope for an elephant-sized acquisition. Even at our age of 88 and 95 – I'm the young one – that prospect is what causes my heart and Charlie's to beat faster. "

He also said, however, that this was not a market call, noting Buffett said Berkshire Hathaway had $ 112 billion in cash at the end of 2018, despite the fact that he was beating his investment in beleaguered consumer giant Kraft-Heinz. In the past years, Buffett has told investors that he did not find anything to buy that was not overpriced.

Meanwhile, Berkshire Hathaway has taken a massive stake in Apple over the past (1969003) Buffett's annual letter comes after Kraft Heinz, one of the company's largest holdings, has written down more than $ 15 billion on two of its most well-known brands: Oscar Mey er and Kraft.

The news sent about 30 percent of Kraft Heinz's stock down and has slashed the value of Berkshire's stake in the company by more than $ 4 billion.

The Kraft Heinz stock market has shrunk its dividend and revealed that its stock- 19659003] It also led Barclays analyst Jay Gelb to slash his earnings estimate on Berkshire in half. The analyst also said that Berkshire's quarterly figures will likely be affected by "substantial catastrophe losses for the global insurance industry" due to the wildfires in California last year and Hurricane Michael

Click here to review past letters.

-CNBC's Liz Moyer contributed to this report

This review is provided by Berkshire's past annual meetings and other Buffett interviews.
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