Warren Buffett is waiting for a once-in-a-century crash

Ask AI · Do Li Ka-shing and Buffett’s moves, happening in sync, hint at an economic crisis?

Tonight, Buffett spoke, and stock market valuations still lack appeal; if the market sees a sharp drop, Berkshire will deploy its cash.

Two layers of meaning:

1. Stock market valuations still lack appeal: this is the reason to hold steady. He believes the overall U.S. stock market is too expensive right now—even if it’s still climbing, the expected return is far lower than in the past. Keeping cash earns less, but it’s safer than taking the money and buying at high prices.

2. If the market crashes, they will use cash: this is the condition to act. With nearly $400 billion in cash, they’re waiting with bullets for a once-in-a-century massive sell-off. He is convinced that a crisis is the opportunity to get rich—so long as the drop prices them at a sufficiently cheap level, he will break the silence and sweep up on a large scale.

This time, he waited a full 3 years.

In 2023, Berkshire’s cash reserves were $168 billion
In 2024, cash reserves were $3252 billion
In 2025, cash reserves are close to $400 billion

Meanwhile, in the East, there is a Li Ka-shing: he sold his core asset, the UK power grid, which he had held for 16 years, and cashed out HKD 1100 billion.

The last time there was such a coordinated withdrawal was at the peak of the 2007 bull market—followed by the 2008 global financial crisis.

In a sense, Li Ka-shing and Buffett are using the last light of their lives to wait for a once-in-a-century crash—and to prove themselves one final time.