Warren Buffett Reveals Berkshire Had $100B Ready To Spend Last Year, But Found No Big Deal Worth Doing

Berkshire sits on a record $381.6 billion in cash, following an extended period of net equity selling.

• Buffett, 95, stepped down as CEO of Berkshire Hathaway at the end of last year.
• In a May 2025 CNBC interview, aired for the first time on Tuesday, Buffett said he had the resources to pull off a very large deal but did not find the right candidate.
• Berkshire is coming off significant divestitures and currently has a record $381 billion in cash.

Despite Berkshire Hathaway’s large cash reserves, Warren Buffett did not see a compelling opportunity for a major deal last year, according to his comments in a May 2025 interview that aired for the first time on Tuesday. 

The legendary investor stepped down as CEO of the multinational conglomerate in December – but remains chairman – after leading the company for six decades as it became one of the world’s largest and most prolific investment firms.

“Believe me, if after we get finished talking, you say, ‘I’ve got a great $100 billion new idea.’ I would say, ‘Let’s talk,’” Buffett told CNBC’s Becky Quick in a special interview. The segment aired as part of the “Warren Buffett: A Life and Legacy” special on the news network.

Buffett’s comments shed light on how one of the best stock pickers viewed the market. At the time, U.S. President Donald Trump had just announced his tariff plans, which sent global markets into a tailspin; the months and years before saw the U.S. equity market climb aggressively on the back of a swelling tech sector and optimism around artificial intelligence development.

“It means that when I look at the stock market, when I look at companies of a size that would make any difference to our total, I don’t see anything. Well, we’re buying one or two things, but it’s peanuts. But I’m willing to spend $100 billion this afternoon, you know,” Buffett said in May, the same month he announced retirement.

Last year, Berkshire dumped significant quantities of Apple and Bank of America stocks – although they remain among the firm’s top holdings – and in October acquired Occidental Petroleum’s chemical business, OxyChem, for $9.7 billion, its largest purchase since 2022. 

Berkshire sits on a record $381.6 billion in cash, as of the end of September, following an extended period of net equity selling. Here are the firm’s top holdings as of the most recent portfolio disclosure.

In August last year, Berkshire stirred intrigue in the markets after it was allowed to keep one or more equity holdings confidential in recent quarters, fueling speculation around a so-called “mystery stock.” The position was later revealed to be UnitedHealth Group, America’s largest insurer, which had presented an attractive entry point after being battered by rising medical costs, a Justice Department investigation into Medicare billing practices, fallout from the killing of a top executive, and a major cyberattack.

Then, in November, Buffett made a surprise foray into an AI-exposed Big Tech name despite widespread skepticism. Berkshire’s 13-F filing showed it had initiated a position in Alphabet Inc. during the third quarter.

Earlier this month, in his final interview as CEO, Buffett offered his strongest public endorsement yet of successor Greg Abel, saying Berkshire has better odds of lasting another 100 years than any other company.

Berkshire’s Class A shares finished 2025 up nearly 11%, marking a tenth consecutive year of gains, though the stock underperformed the benchmark S&P 500. Still, investors who have managed to hold onto Berkshire since 1965, when Buffett took control, have reportedly seen cumulative returns of roughly 6,100,000%, dwarfing the S&P 500’s approximately 46,000% gain over the same period, including dividends.

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