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THE "SMART MONEY" JUST TRIGGERED THE LARGEST DE-RISKING CYCLE IN HISTORY. 10 of the world's biggest investors just filed their Q1 2026 portfolios with the SEC. They manage hundreds of billions of dollars combined. And they all arrived at the exact same conclusion in the same quarter: reduce exposure, preserve capital, and wait. Warren Buffett is sitting on $397 billion in cash, the highest in Berkshire's history. He reduced Chevron by 35%, exited Constellation Brands almost entirely, and trimmed Amazon. He cannot find anything cheap enough to buy at scale. Chris Hohn sold 83.74% of his entire Microsoft position in a single quarter. 14 million shares gone. He rotated into Moody's, S&P Global, and Visa. He is moving out of software and into businesses that collect tolls on data and transactions regardless of what the market does. Daniel Loeb reduced his entire disclosed equity portfolio from $7.27 billion to $2.08 billion in one quarter. Nvidia down 93.56%. Norfolk Southern down 89%. Union Pacific down 94%. Capital One down 87%. This is not trimming. This is a fundamental decision to carry less risk. Bill Ackman sold 95% of his entire Google position in a single quarter and rotated into Microsoft and Amazon. Bill and Melinda Gates foundation dumped 100% of Microsoft holdings. David Tepper reduced Microsoft by 82%, Meta by 27%, and QUALCOMM by 56%. Chase Coleman cut Microsoft by 54%, Take-Two by 65%, and Apollo by 46%. Tiger Global posted -6.03% in Q1. David Einhorn wrote in his Q1 investor letter that he is "prioritizing capital preservation once again." His fund is running at just 39% net long, the most hedged positioning of his entire career. But why are they all selling? The Shiller CAPE ratio was at 39 at the start of 2026, more than double its historical average. A Natixis survey found that nearly 8 in 10 institutional investors expected a market correction this year. Goldman Sachs data showed hedge funds selling financial sector positions at the fastest pace in nearly a decade. And this is why they all are looking for an exit.

THE "SMART MONEY" JUST TRIGGERED THE LARGEST DE-RISKING CYCLE IN HISTORY.

10 of the world's biggest investors just filed their Q1 2026 portfolios with the SEC.

They manage hundreds of billions of dollars combined.

And they all arrived at the exact same conclusion in the same quarter: reduce exposure, preserve capital, and wait.

Warren Buffett is sitting on $397 billion in cash, the highest in Berkshire's history.

He reduced Chevron by 35%, exited Constellation Brands almost entirely, and trimmed Amazon.

He cannot find anything cheap enough to buy at scale.

Chris Hohn sold 83.74% of his entire Microsoft position in a single quarter. 14 million shares gone.

He rotated into Moody's, S&P Global, and Visa. He is moving out of software and into businesses that collect tolls on data and transactions regardless of what the market does.

Daniel Loeb reduced his entire disclosed equity portfolio from $7.27 billion to $2.08 billion in one quarter.

Nvidia down 93.56%. Norfolk Southern down 89%. Union Pacific down 94%.

Capital One down 87%. This is not trimming. This is a fundamental decision to carry less risk.

Bill Ackman sold 95% of his entire Google position in a single quarter and rotated into Microsoft and Amazon.

Bill and Melinda Gates foundation dumped 100% of Microsoft holdings.

David Tepper reduced Microsoft by 82%, Meta by 27%, and QUALCOMM by 56%.

Chase Coleman cut Microsoft by 54%, Take-Two by 65%, and Apollo by 46%. Tiger Global posted -6.03% in Q1.

David Einhorn wrote in his Q1 investor letter that he is "prioritizing capital preservation once again."

His fund is running at just 39% net long, the most hedged positioning of his entire career.

But why are they all selling?

The Shiller CAPE ratio was at 39 at the start of 2026, more than double its historical average.

A Natixis survey found that nearly 8 in 10 institutional investors expected a market correction this year.

Goldman Sachs data showed hedge funds selling financial sector positions at the fastest pace in nearly a decade.

And this is why they all are looking for an exit.

BridgeAlpha

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