Buffett's reduction of core stocks and hoarding of cash has actually been going on for two or three years. In the past two to three years, the media has been telling us stories about wolves, which has led many investors to become numb and ignore them. However, throughout the history of several major stock market pullbacks, Buffett completed the retreat one or a few years before the crisis, In fact, Buffett's "century long retreat" is a sustained action that began at the end of 2023 and reached its peak in 2024. I asked AI to sort out the precise timeline of this wave of massive reduction in holdings. Please feel it: 1. Apple Inc.: Starting from the end of 2023, with a major inventory wash in 2024 *Initial exploration (Q4 2023): Buffett's selling point is at the end of 2023. He sold about 10 million shares of Apple stock during the season (about 1.1% of his total holdings at the time), which was the starting gun for this wave of retreat. *Crazy liquidation (first and second quarters of 2024): As we enter 2024, selling has accelerated. Q1 reduced holdings by approximately 116 million shares (over 10%); Subsequently, an unprecedented "halving" of holdings was carried out in Q2, with nearly 389 million shares (nearly 50%) sold wildly. *Continued distribution (Q3 2024): Approximately 100 million shares (25%) were sold in Q3 2024. In just one year, he cut nearly two-thirds of the Apple positions that once occupied half of the country. 2. Bank of America: Launch in mid-2024 *Buffett's intensive reduction of holdings in Bank of America, the former second largest holding, began in mid July 2024. *At that time, Berkshire Hathaway sold Bank of America for cash almost continuously for several months, without moving any further, until its shareholding ratio fell below the regulatory disclosure red line of 10%. 3. Earlier defensive signals (2022-2023) In fact, if Apple and Bank of America jumped out of the US stock market, their "de risk" and cash out actions would have started earlier: *TSMC: Just established a position in Q3 2022 and quickly sold off in Q1 2023. *BYD: As early as August 2022, it began to continuously reduce its holdings, which lasted throughout 2023 until almost liquidation in 2024. summary This huge cash reserve of over 370 billion US dollars has yet to find an investment target and has been hanging above the market like the sword of Damocles. But the "beginning" and "main rise" of this wave of reducing holdings have now reached their peak, and the wolf is really coming.