The 95-year-old Buffett has officially retired. Although he is still sitting in the audience, Berkshire Hathaway has already handed over the reins to his successor, Abel.

A detail at the scene was very touching—the "jerseys" of the retired Buffett and Munger, 1965-2025, 1978-2023, mark the end of the era of the big and small kings of Berkshire Hathaway.
New people, new atmosphere—first-quarter operating profit of 11.3 billion, with insurance, railroads, and energy making solid profits. But what really catches attention is Buffett's positions: stocks worth 280 billion, cash of 397.3 billion, which breaks down to a 42% equity stake and 58% cash. And he has been net selling stocks for 14 consecutive quarters.
In plain terms, Buffett's team is voting with their feet—U.S. stocks are too expensive, speculation is too crazy, the description of "church + casino" is very fitting.
Unsurprisingly, Berkshire Hathaway fell 6% this year, while the S&P 500 rose 6%, and the Nasdaq increased 10%, underperforming the market by more than 10 percentage points. They hardly touched the AI trend—among their top ten holdings, the only one related is 2.44% in Google, the rest are Apple, American Express, Coca-Cola, banks, and energy.
Others, holding 400 billion in cash and missing out on the rally, would have been criticized to death. But Buffett won't be scolded because he has earned the "stubbornness" with 60 years of results. The 95-year-old patiently waits for a pullback, with no rush at all.
Meanwhile, we stock investors in our thirties and forties are always afraid of missing out, afraid of missing the next big wave.
Maybe taking it slow, being a bit slower, is also a choice. $CRCL ‌ $HOOD ‌ $GOOGL ‌#Gate广场五月交易分享