Warren Buffett, a legendary stock picker, has been quietly selling billions of dollars worth of equities each quarter, despite the soaring stock markets in 2024 and 2025. Berkshire Hathaway ended 2025 with $373.3 billion in cash and cash equivalents, marking the largest corporate cash hoard in American business history. The company's cash position grew steadily throughout the year, with the peak of the peak in Q3 2025 reaching $381.7 billion before slight deployment. Buffett's decision to sell equities was seen as a deliberate, sustained exit from positions he believed to have reached or exceeded fair value in overvalued markets. The firm outperformed the S&P 500 by around 23 percentage points in 2026, marking a significant difference in performance compared to the S-P 500's fall of approximately 11 percent year-to-date. The contrast illustrates the value of maintaining dry powder when opportunities are scarce and valuations are stretched beyond reasonable fundamentals.