In his 60th annual letter to shareholders released Saturday, the folksy Buffett bragged about footing a record $26.8 billion tax bill.

By Jonathan Stempel (Reuters) -Berkshire Hathaway shares rose to a record on Monday after the conglomerate run by Warren Buffett posted its highest-ever quarterly profit, driven by improvement in insurance operations.

Warren Buffett didn’t tip his hand in his annual letter to investors on Saturday, but it’s become apparent that he’s waiting for a big-time downturn in stocks before deploying his vast and growing cash hoard,