Warren Buffett has been waiting years for stocks to look more attractive. He apparently didn’t think the first-quarter plunge was that opportunity.
As the coronavirus slowdown started to grip the U.S., the famed investor’s Berkshire Hathaway Inc. was building its massive cash pile to a record $137 billion by the end of March.
The company said that figure climbed even higher as it dumped more than $6 billion of stocks in April, making Buffett a net seller of equities so far this year.
Buffett, who will host Berkshire’s annual meeting virtually later Saturday, has largely stayed in the shadows as the pandemic hammered the global economy and stock markets.