Buffett has significantly reduced his position, and now his total stock holdings are less than $300 billion, less than his cash reserves. So Buffett has reduced his position to below 50%. This is a rare period of low position in his history. It can be seen that the stock god is not optimistic about the US equity market. It is a clear defensive move. Or maybe, even these good companies are no longer worth the money.

Studying Buffett's operations this year, the biggest move is actually hedging. This should also attract enough attention from everyone. The stock god has already told everyone with practical actions that the U.S. stock market is ridiculously expensive now. The reason it can still rise now is that the performance can still keep up. When the performance starts to decline, it's very likely to be a Davis double kill.