Summary

• $397 billion. That’s how much “Buffett cash” now sits on Berkshire Hathaway’s balance sheet after Greg Abel’s first quarter as CEO.
• Berkshire’s cash position has always been countercyclical. When markets get cheap, the pile shrinks. When markets get expensive, it grows.
• The financial press has spent the past two years generating theories about Buffett’s cash position, and Saturday’s record Q1 print has reignited every one of them.
• If you’re managing your own money, the temptation is to map Buffett’s actions directly onto your situation. That’s a mistake.

$397 billion. That’s how much “Buffett cash” now sits on Berkshire Hathaway’s (BRK.A)(BRK.B) balance sheet after Greg Abel’s first quarter as CEO. Warren Buffett left $373 billion behind when he stepped down

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