Warren Buffett believes the stock market is hugely overvalued.

Berkshire was holding $334.2 billion in cash, equivalents, and short-term investments at the end of 2024, which is a $9 billion increase compared with the end of the third quarter. Most of this is invested in short-term Treasury securities, from which Berkshire is receiving more than $10 billion in annual interest income.

Sometimes I perk up when I realize I’ve published my newsletter every day for nearly a year, but then I remember Warren Buffett is currently riding a streak of six decades. With characteristic wit, wisdom and a measured candor,