Warren Buffett's annual shareholder letter will be released Saturday when Berkshire Hathaway reports earnings. Here's what analysts are looking for.

"CFRA estimates that Berkshire will have short-term liquid assets in excess of $125 billion (primarily cash and short-term government securities) at year-end 2019, the bulk of which ($80 billion to $90 billion) could be earmarked for acquisitions, " wrote Cathy Seifert in a note February 19.

She continued: "The harder part in this exercise is ascertaining Berkshire's acquisition strategy. However, our sense is that it is less likely to increase its exposure to heavily regulated industries (like those in the financial services sector) when it can leverage upside to these industries via investments."

Seifert also noted that sustainability is something that's been largely missing from Buffett's letters. "The vast majority of asset managers are addressing sustainability to some degree in their annual letter to shareholders. Will Berkshire join the fray? Sustainability and socially responsible investing have not historically been a Berkshire mantra, but perhaps now should be," she wrote.

"There were a few surprises in wide-moat Berkshire Hathaway's fourth-quarter 13-F filing," wrote Greggory Warren of Morningstar in a February 15 note. In the quarter, Berkshire Hathaway added to its stake in Occidental Petroleum while also "continuing to whittle down" its stake in Wells Fargo.

The company was a net seller of equities in the fourth quarter, Warren said, which could mean that its cash pile has grown further.

"Net proceeds from the company's purchases and sales amounted to an estimated $5.2 billion, so we would expect that Berkshire's cash on hand exceeded $135 billion at the end of last year," Warren wrote.