cash reserves and buyback firepower / conglomerate portfolio exposure
"BRK.B’s ~$373 billion cash-and-short-Treasury hoard signals Buffett sees no acceptable risk-adjusted opportunities at current valuations (implicitly including crypto), so the market should treat this as a strong risk-off read on crowded, high-volatility assets."
"BRK.B doesn't like today's equity pricing, with Buffett citing that stocks are not cheap and the company running a long streak of net quarterly selling while holding a record ~$400B cash pile."