Buffett Warns Dollar Could Collapse as Berkshire Hits $397B Cash, 14th Quarter Selling

Warren Buffett is not buying much right now, and it is hard to ignore. Berkshire Hathaway’s cash has climbed to about $397 billion. This comes even as markets continue to trade near highs. The company has now been a net seller of stocks for 14 straight quarters. This combination of large cash and steady selling is starting to look less like caution and more like a clear signal about how Buffett sees current conditions.

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Calls Market “Church With Casino,” Sitting Out Because He Doesn’t Understand Valuations

At Berkshire Hathaway’s latest annual meeting, Buffett said the current environment is not ideal for deploying capital. He pointed to high valuations and a lack of opportunities, which he fully understands. This has kept Berkshire on the sidelines despite having one of the largest cash reserves in corporate history. He added,

“It isn’t our ideal surrounding area or environment, I should say, in terms of deploying cash for Berkshire, but in terms of how we got the right management, we got the right arrangement, and you know, we can pick our spots, and nobody can tell us what to do exactly.“

The numbers reflect this stance. Berkshire Hathaway’s cash reached about $397.4 billion in Q1 of 2026. Meanwhile, the company sold about $8.1 billion in stocks during the quarter, extending its selling streak to 14 quarters.

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Berkshire Builds Cash as Selling Streak Continues

Buffett also spoke about the overall market tone. He repeated his comparison of markets being like a “church with a casino attached.” But he also said the speculative side has grown significantly. He noted the rise in one-day options trading, calling it gambling rather than investing. Buffett noted,

“So we’ve never had people in a more gambling mood than now. But that doesn’t mean that investing is terrible. It does mean that prices for an awful lot of things will look very silly.“

This shift in behaviour is part of what is feeding concerns around a possible stock market crash. Buffett did not give a timeline, but he noted that major disruptions tend to come from unexpected events instead of widely discussed risks.

Warren Buffett’s warning also extended beyond equities. He said the US is not immune to a dollar collapse. He pointed to past periods of high inflation where confidence in currency weakened. While he avoided making a direct prediction, the comment shows concern about long-term monetary stability. He said,

“I’ve always hoped the U.S. never does it, but we are not immune from it happening. We have a lot of control over whether rates may go up a half a point or down a half a point, but what we may have less control over is whether they go up 50 points.“

Now, the Berkshire approach is pretty straightforward. Hold cash, wait for better prices, and avoid areas that do not make sense.

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