Buffett has $397 billion in cash on his books and has been a net seller of stocks for 14 consecutive quarters. This is the fourth time in nearly 30 years that the cash ratio has broken records. What happened in the previous three instances? 🔴 1999: Barron's front page headline "What's Wrong, Warren?" → Nasdaq fell 78% within 2 years. 🔴 2007: Cash hit a record high + Net stock selling accelerated → 2008 GFC, he invested $8 billion in Goldman/GE to buy at the buy the dips. 🔴 2019: Cash $12.8 billion, a historical high → 2020 COVID flash crash, 4th time: $397 billion, 3 times that of 2019. Abel's debut as successor: "I won't use AI for the sake of AI." Buffett's original words: "The current investment environment is not ideal for Berkshire Hathaway." He's holding cash = a leading indicator of market tops. I'm always mocked for being senile, but I always end up being right.