Buffett has significantly reduced his position, and now his total stock holdings add up to less than $300 billion, even less than his cash reserves. So Buffett has reduced his position to below 50%. This is a rare low position period in his history. It is obvious that the stock god is not optimistic about the U.S. equity market. It is a clear hedging action. Or perhaps, even these good companies are no longer worth the money.

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