I studied Buffett's position a bit, and he basically maintains the rhythm of reducing positions as they rise and increasing positions as they fall, and always holds cash.

In history, he generally maintained a high cash ratio during the rise, and heavily positioned in the decline, even buying with only 1.3% cash.
In the past, in the years 2005 and 2004, he maintained a cash position as high as 26%. When the financial crisis broke out in 2008, he acted quickly.
And in recent years, his cash + treasury position has been increasing, from 28.2% at the end of March 2019, to 29% at the end of March 2023, and then to 31.9% at the end of March 2024. On the one hand, it is because of the high interest rates on government bonds, and on the other hand, as he said, there are no good targets, and another is what he called "concerns about the future".
Da Yu: Looking back, finding high-quality targets, patiently waiting for the crazy market to give the wrong quote, and using all your strength to make a single blow is the bible for ordinary people to turn over.
Think about it, if the market turns bearish or experiences another major crash, which targets would you catch the bottom on?
I think there are 3 targets that you have enough confidence in, and if you are clear about where to catch the bottom, there will be no problem.