On contrary, it's sad that he can't see how his "I Don't Buy What I Can't Understand" strategy wins again. Buffet thrives when bubbles burst.
More than third of Berkshire valuation is now cash.
Berkshire has $350 billion USD in cash and cash equivalents. They accumulate cash because they don't find enough things worth buying (all stocks seem too expensive for them). When the bubble bursts, there will be undershoot and Berkshire starts buying.
He's been through a few bubble bursts. He used to run basically a hedge fund but wound it up in 1969 at near the top of that bubble and switched to running Berkshire.
