(Reuters) – Warren Buffett on Saturday defended Berkshire Hathaway Inc’s decision to invest heavily in the stocks of companies such as Apple Inc, as the conglomerate struggled to find whole businesses to buy.

Buffett made his assessment in his annual letter to Berkshire shareholders, where the 89-year-old also assured that Berkshire is “100% prepared” for the eventual departures of himself and Vice Chairman Charlie Munger, 96.

Berkshire also reported record net income for the year of $81.42 billion, reflecting enormous gains in its common stock holdings, though operating profit fell 3%.

The annual letter has long been eagerly awaited by investors and fans for its straight talk about Berkshire, the economy, investing and other topics.

It has been shorter in recent years, with Buffett saving many of his comments for television interviews and Berkshire’s annual shareholder meeting, which is webcast.