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• Buffett liquidated Buffett Partnership Ltd. in 1969, citing overvaluation in the market.
• He returned capital to investors and kept Berkshire Hathaway’s focus on cash and defensive assets.
• The market subsequently declined sharply in the 1970–1971 bear market.
  

• In the years leading up to the 1987 crash, Buffett was cautious about high market valuations.
• Berkshire Hathaway held significant cash reserves and was in a strong position when the crash occurred.
• He used the downturn as a buying opportunity rather than suffering major losses.
  

• During the late 1990s, Buffett avoided investing in tech stocks, citing their speculative nature.
• Berkshire Hathaway built up significant cash reserves instead of chasing internet stocks.
• When the bubble burst in 2000–2002, Buffett was well-positioned to deploy capital into undervalued businesses.

• In the years leading up to the crisis, Buffett was vocal about risky financial practices in housing and derivatives markets.
• By 2007, Berkshire Hathaway had $44 billion in cash, waiting for opportunities.
• As the crisis unfolded, Buffett deployed cash into Goldman Sachs, Bank of America, and other distressed companies at highly favorable terms.

• By the end of 2019, Berkshire Hathaway was holding $128 billion in cash, a record amount.
• Buffett cited a lack of attractive investment opportunities due to high market valuations.
  
• When the COVID-19 crash hit in March 2020, Berkshire initially hesitated to make large purchases, but the cash cushion protected the company.

• In 2022, amid rising inflation and Federal Reserve interest rate hikes, Buffett again built up cash reserves.
• Berkshire had over $144 billion in cash by early 2023.
• He selectively deployed cash into undervalued energy stocks, Occidental Petroleum, and Japan’s trading firms.