Summary
- Warren Buffett’s Berkshire Hathaway has reached record-high levels of cash, with $157 billion on hand, exceeding Disney’s market capitalization.
- The last time Buffett held record cash levels was in late 2021, ahead of the 2022 market correction.
- Similar patterns are observed between 2018 and 2023, the only two years when the Fed hit multi-year high Fed funds rates while conducting the largest QT balance sheet reduction in history.
- The Active ETF portfolio is up +38.0% YTD in an extremely volatile series of swings from the worst week of the year for the Nasdaq/S&P 500 to the best week of the year.
- Timing signals will continue to be essential, as the market swings are increasingly volatile with record declines and rebounds in the last 2 weeks.
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