“Life today is better in almost every way. You’ve got to figure that you started at a pretty lucky spot just by being born when you were. Imagine staying in some cosmic waiting room for hundreds of thousands of years and then getting dropped into the present — not bad timing. So, I would focus on what’s been good in your life, rather than what’s gone wrong. Yes, bad things happen — sometimes very bad things. But life can still be wonderful.”

What an awesome quote from the legendary Warren Buffett. He delivered these words this weekend as he stepped down as the longest-running CEO in S&P 500 history.

Warren Buffett is now sitting on his largest cash pile ever, almost $350B, which is more than the valuation of 476 companies in the S&P 500. He sold stocks for the 10th quarter in a row. Why is Buffett holding so much cash?

Bring on the Buffett Indicator: the ratio of the U.S. stock market value to GDP.  If you follow markets closely, you may be familiar with this. At 185%, it’s more than double its historical average, and the metric (on its own) signals the market is “very overvalued.” Buffett has long used this as a gauge of when stocks are over- or undervalued. As a note, the indicator has stayed elevated for quite some time now.

Notably, Buffett also said conditions could develop in the U.S. that “could easily make us want to own a lot of other currencies.” This comes as international stocks are cruising past US markets so far in 2025.