"My task is clear, and I'm on the prowl," he said.
Berkshire ended 2011 with $37.3 billion in cash on hand, even though profits fell in the most recent quarter.
Buffett also said Berkshire would keep making investments in things like solar and wind energy at MidAmerican, as well as in equities and other assets with some sort of output.
He took the chance in the letter, as he often has in the past, to cast doubt on bonds, commodities and currencies as investment opportunities.
"My own preference - and you knew this was coming - is our third category: investment in productive assets, whether businesses, farms, or real estate," Buffett said.
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