He's always making moves, you can look all the way back to 2021, pandemic = insane valuations, so they stopped buying and also started to go to cash. Russian war, energy scarcity, almost everything else looks pricey versus rising macro risk. 2022> Why buy a decent business at 25+ x earnings when Uncle Sam will hand you 5% risk‑free? Sold all his regional bank positions when SVB and co started to wobble, so that was +15B... Fitch knocks America off AAA, refunding schedule gets up over above a trillion dollars.

As he said: “We will always have more good ideas than prices that make sense.”