Warren Buffett believes the stock market is hugely overvalued.

Berkshire Hathaway has been building up its cash position to its highest-ever levels over the past two years, and that sends some clear messages about what Buffett's thinking about the market. Combined with his net sales of stocks, he seems to think there aren't so many great deals to be had in the market.

Berkshire Hathaway hasn’t repurchased any stock since May 2024, its longest stretch without buybacks since CEO Warren Buffett got expanded authority to repurchase shares in 2018. The absence of repurchases over the past nine months hasn’t hurt Berkshire stock,