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 ."

Buffett still holds American Express as Berkshire’s second-largest position. American Express is an evergreen business with predictable growth rates. It has a wide competitive moat, the stock is cheap,

While some strategists say to "buy high, sell higher" on Nvidia stock, Terry Smith is staying away from Nvidia altogether. Smith has been called Britain's Warren Buffett; he manages the £22.8 billion ($29.