The Commercial Real Estate Alpha Site

Warren Buffett has quietly become one of the most dominant players in the U.S. government debt market. According to Berkshire Hathaway’s latest filings, the company now holds 4.89% of all outstanding Treasury bills, amounting to $300.87 billion in short-term government debt. While Berkshire hasn’t walked away from equities, the scale of its T-bill allocation signals something deeper. In today’s market, Buffett is prioritizing liquidity, safety, and a ~4.35% government-backed yield, as of 3/31/2025, over chasing returns in what he sees as an overheated equity landscape.

This isn’t about sitting out—it’s about waiting for the right pitch. Buffett hasn’t made a major acquisition in over two years, not out of fear, but because he refuses to overpay. Even with Berkshire’s reach across insurance, energy, railroads, and consumer staples, attractive opportunities remain scarce at current valuations. Meanwhile, equities have lost trillions in value this year, and markets remain well below their highs. While others search for bargains in the rubble, Buffett is biding his time—earning while he waits. The near-total shift into Treasuries isn’t just risk management; it’s a clear signal from one of the most disciplined investors alive: the deals just aren’t good enough yet.