Berkshire Hathaway holds record $397B cash, citing high stock prices and risks as reasons to wait.

Berkshire Hathaway is holding a record $397 billion in cash, mainly in U.S. Treasury bills, as CEO Greg Abel explained at the annual meeting. The company sees attractive businesses but finds their prices too high relative to economic prospects and risks, so it prefers to wait rather than invest now. This cautious stance signals concerns about current market valuations and may influence other investors to be more selective.