Gates Foundation Trust just dumped 2.4M shares of Berkshire Hathaway last quarter — their stake dropped from 30% to 25% of the portfolio.

Two things caught everyone's eye:

**First, Buffett's sitting on $380B cash.** That's over one-third of BRK's entire market cap. When the Oracle of Omaha starts hoarding cash like this, it basically screams "the market looks expensive to me." S&P 500 is trading at 30x earnings — nearly double the historical average.

**Second, they're diversifying.** Even after the sell-off, BRK is still 25% of their portfolio. The timing? Dead at all-time highs, trading at 1.6x book value (usually runs 1.2-1.5x).

Here's the thing: This isn't Gates' personal money flexing — it's a charitable trust. But the Gates Foundation had been a net buyer before. So what just flipped? Either:
- They think BRK is overvalued right now, or
- Buffett's cash hoard made them nervous about overall market valuations

Or maybe both. When billionaires start trimming their safest positions, retail investors probably shouldn't be FOMO-buying at peaks.

**The real signal?** Nobody's deploying capital at these prices — they're waiting.