While investors hash it out, other billionaire investors are making their moves, and they're not all like Buffett's. For example, Israel Englander of Millennium Management bought 5,163,316 new shares of Apple stock in the second quarter, raising his fund's position by 68% to 12,809,102 shares.

It is indeed interesting that Berkshire now holds $320 billion in cash vs just $272 billion in equity investments. Put another way, Buffett is holding more cash than stocks. "That’s a lot of firepower if markets see a sustained drop," notes Colas. "While Berkshire is not especially expensive, its multiple may be worrisome to a value investor ."

For the first time since 2018, Buffett’s company didn’t buy back any stock in the quarter, according to FactSet.