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Is the Gates Foundation's sale of 2.4 million shares of Berkshire sending a warning to the market?
Recently, the Gates Foundation significantly reduced its holdings in Berkshire Hathaway stock, lowering its share from 30% to 25%—this move is worth pondering.
Two core signals: One is that Buffett himself is not buying back shares, but is instead hoarding cash (38 billion USD, accounting for one-third of the total market value). The market is ridiculously expensive (S&P 500 valuation at 30 times PE, historical average 15 times), and even the “Oracle of Omaha” can't find any bargains. The second is that all 12 holdings in the Gates Foundation's portfolio are being reduced, with none being increased.
Interestingly, Berkshire's current price-to-book (P/B) ratio has reached 1.6, which is already higher than the common range of the past decade (1.2-1.5). Although Gates and Buffett both emphasize long-term holdings, the implication of this move is very clear: under high valuations, even these two giants have started to be cautious.