What has Buffett been up to recently?

Berkshire's cash pile has accumulated to $382 billion (accounting for 1/3 of its total market value), while significantly selling off Apple and Bank of America, totaling $15.5 billion. There were zero share buybacks this quarter.

On the surface, the old man seems to be "timing the market". But in reality, he may just be waiting—waiting for an opportunity that is cheap enough. Now that the stock market is close to historical highs, he cannot find satisfactory trades, and rather than forcing himself to buy, he prefers to hold cash.

In the end, the purchases were still some small actions (increasing holdings in Chubu Insurance), but the intensity has clearly decreased.

What does this suggest for ordinary investors? Don't be entering and exiting the market all day, but also don't blindly go all in. If you can't find bargains or need cash urgently, holding some cash (like Buffett's 30% or so) is actually quite rational.

He is not doing market timing; he is just managing risk.