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,

The 94-year-old Buffett also acknowledged his advanced age in his annual letter, telling shareholders he now uses a cane and will spend less time fielding their questions at Berkshire's annual meeting in May.

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

Investors are awaiting Berkshire Hathaway Chairman Warren Buffett’s annual investor letter, in which he typically expounds on Berkshire’s performance along with anecdotes and vignettes about investing and life.

Warren Buffett’s conglomerate paid the government $26.8 billion last year, largely related to the sale of highly appreciated Apple stock.