A 95-year-old investment legend has officially bowed out. On the last day of 2025, Warren Buffett stepped down as CEO of Berkshire Hathaway, bringing his 60-year investment career to a close. But what’s truly worth paying attention to isn’t his farewell speech, but the string of numbers he left behind—$381.7 billion.

How shocking is this figure? From another perspective: it’s enough to buy half of Tencent, or one and a half Moutai. It even exceeds the total market capitalization of Industrial and Commercial Bank of China. Throughout Buffett’s entire career, cash reserves reaching this scale are extremely rare.

Even more striking is another fact: Berkshire Hathaway has been net selling stocks for 12 consecutive quarters. You read that right, 12 quarters. Apple, once considered Buffett’s favorite stock, saw its holdings drop from a peak of 51%. This isn’t minor portfolio adjustments; it’s a systematic strategic retreat.

While the US stock market repeatedly hits new highs and AI concept stocks take turns leading the charge, Buffett has chosen to exit. This isn’t a spur-of-the-moment decision—since 2023, he has been steadily increasing cash reserves. In other words, this is a carefully planned retreat spanning three years.

A top investor who has dominated the market for 60 years is telling us through actions rather than words: he is waiting. Waiting for what? Perhaps a better opportunity, or perhaps a silent protest against current market valuations. History tells us that when such figures start hoarding cash, it’s often not an optimistic sign.