Interesting opinion piece on WEB being a $23 BN net seller, few buybacks (watch what he does not what he says) and waiting for a market correction of c40% to come 2024 based on risk free rate??? Unknown.

Who knows? According to the pundits Buffett has been "waiting for a crash" for over a decade.

When we had a genuine crash (2020) he was a net seller, wasn't he? (watch what he does...)

Anyway, Berkshire doesn't actually have more cash than usual compared to float or assets.

Here's Cash and Fixed Income as a percentage of float:

Year (Cash+Fixed)/Float
2010 105%
2011 92%
2012 100%
2013 94%
2014 101%
2015 99%
2016 102%
2017 109%
2018 105%
2019 111%
2020 113%
2021 109%
2022 92%
2023-3 104%

Berkshire is about 80% equities (stocks & businesses) and 20% cash. Has been for a long time now.

2/24/2020 WEB Squawk Box: "So, we’re about 80% in-- roughly in equities and about 20% in cash"

Taking 1.55x book as a proxy for value:

Year (Cash+Fixed)/Value
2010 28%
2011 25%
2012 25%
2013 21%
2014 23%
2015 22%
2016 22%
2017 23%
2018 24%
2019 22%
2020 23%
2021 20%
2022 20%
2023-3 21%

Berkshire Hathaway FAQ

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