Buffett's final financial report sends a strong risk signal: He's holding $373.3 billion in cash, with cash accounting for 58.2% of investment assets—a record high. Comparing key historical moments: - Before the 1999 dot-com bubble: cash ratio was only 15% - Before the 2008 financial crisis: cash ratio was only 25% Now, the cash ratio far exceeds the levels before the previous two major crises. This isn't just being conservative—it's extreme caution about the global market, high interest rates, high inflation, and asset bubbles in the coming years. What Buffett is really doing: Not chasing highs, not catching falling knives, not gambling on short-term trends. He's holding massive cash reserves, patiently waiting for the next historic opportunity.