Buffett is waiting for a global crisis. The cash he holds has reached $347.7 billion, setting a historical record. Recently, the U.S. stock market has plunged, and Buffett has not bottomed out.
He said that in about the next 5 years, he plans to reduce his cash holdings. Given such a long time frame, it is clear that he is waiting for a global crisis, similar to the one in 2008. At that time, the U.S. real estate bubble burst, the subprime mortgage crisis erupted, and the stock market crashed. Now, the bubbles and contradictions that the U.S. has accumulated far exceed those of that time.