To The Moon

The recent market crash has rattled plenty of investors. Yet Buffett brushed it off in a single line: "This is nothing." This isn't empty reassurance. In his own historical frame of reference, Berkshire Hathaway's stock has gone through three separate drawdowns exceeding 50%. Measured against that, the current pullback barely registers. This is the calm verdict of an investor who has survived more market cycles than most people can count. Staying on the Sidelines Isn't Pessimism — It's Waiting for the Right Price People ask: why isn't Buffett buying? His answer was equally blunt: "We aren't in it to make 5% or 6%." What he really means is that for a vehicle of Berkshire's size and investment philosophy, the current level of decline simply doesn't offer the odds that justify a large-scale move. He's not looking for a technical bounce or a short-term recovery. He's waiting for something big enough, cheap enough, and worth going heavy on. Not there yet? Then keep waiting. If There's a Big Decline, We'll Act. $370 Billion on Standby The most important line from the interview — and the one most people missed: "If there is a big decline... we will deploy." The 2025 Berkshire shareholder letter spells it out: "Our cash and U.S. Treasury holdings now exceed $370 billion." Over $370 billion in cash and Treasuries — not just words on a page. This is Berkshire's dry powder, ready to be deployed the moment the market delivers a genuine, large-scale mispricing. That's the foundation of everything Buffett said in this interview. 💬 Let's Hear From You Q1: What does Buffett's "big decline" actually mean to you? S&P 500 down another 10%? Q2: If you were Buffett right now, what would you do? Q3: What's your current positioning? Drop your answers in the comments, or share your own read on where the market goes from here.