Berkshire Hathaway’s equity sales outpaced purchases by $187 billion since 2023, lifting cash holdings to a record $397.4 billion.
Warren Buffett’s Berkshire Hathaway sold $187 billion more in equities than it bought over 13 consecutive quarters, ending in early 2026. The conglomerate’s cash and Treasury holdings surged to $397.4 billion, nearly four times the $100 billion held at the start of the current bull market in late 2022.
Buffett’s equity retreat continued in Q1 2026, with net sales of $8 billion. Proceeds were parked in short-term Treasury bills, generating about $12 billion in annualized interest income at yields near 3.7%. Berkshire’s market-value gauge hit a record high, exceeding levels Buffett previously deemed risky.
The shift underscores Buffett’s caution amid record equity valuations, despite broader market optimism.