Berkshire Hathaway holds $350 billion in cash, waiting for a market crash big enough to deploy it

Warren Buffett isn’t buying stocks—even after the S&P 500 fell 4.02% in 2026, the Nasdaq dropped 5.84%, and the Dow slid 3.88%. Declines of 5% or 6%, he says, are not enough to move the needle for Berkshire Hathaway. The company is sitting on more than $350 billion in cash, waiting for a 'big decline' that creates long-term value. Buffett only deploys capital when he sees durable opportunities, not short-term dips. He’s witnessed Berkshire’s own stock lose more than half its value three times under his leadership. That history shapes his patience. Instead of chasing rebounds or speculating on corrections, Berkshire is parking cash in short-term U.S. Treasury bills—safe, liquid, unexciting. He still calls the U.S. economy an 'incredible cathedral,' confident in its long-term trajectory. But he draws a hard line between investing and gambling. Modern stock trading, he says, resembles a 'casino.' Berkshire buys businesses to hold forever. It doesn’t time markets. It waits for markets to break. When they do, Buffett will act. Until then, $350 billion stays on the sidelines.