What catastrophe has Warren Buffett spotted that we mere mortals have overlooked?
Other than the obvious, of course. The world is on the precipice of global conflict, AI poses an existential threat (if you believe the sci-fi brigade); oh, and the small matter of a global trade war and border controls.
All of this can be set against some very overbought multiples for US companies.
When you say it like that, it looks like the Sage of Omaha has got it right building what the US financial press is calling his $325 billion Noah's Ark.
The Old Testament reference is a nod to the cash pile the 94-year-old through his Berkshire Hathaway Inc (NYSE:BRK.A) investment vehicle has amassed very recently liquidating some of Buffett's favourite stock holdings.
This cash reserve now represents about 27% of Berkshire’s total assets. Mainstream financial commentators say the move reflects Buffett’s caution as he finds few attractive investments in the current high-priced market.
The flip side of that argument is that he expects prices to come down - or 'normalise', in investment parlance.
Another explanation is he is setting aside funds for his successor, Greg Abel.
Whatever the real reason, the evidence of the market being more than a little frothy seems incontrovertible.
The US stocks' total valuation recently hit an all-time high of 198% of GDP, a level Buffett has previously warned against, as it suggests potential overvaluation.
Berkshire’s stock portfolio, including holdings in Apple and Bank of America, has been significantly reduced, while its cash holdings have increased by over $140 billion in nine months.