TLDR

• Buffett has sold more stocks than he’s bought for 12 straight quarters, his longest selling streak ever at Berkshire Hathaway
• Berkshire’s cash reserves hit a record $382 billion in Q3 2025 as Buffett prepares to leave the CEO role by year-end
• The S&P 500 Shiller CAPE ratio reached 40, indicating stocks are near their highest valuations in history
• Despite heavy selling, Buffett still holds $300 billion in stocks and made new investments in Alphabet