It looks like Buffett / Berkshire are getting closer to being net buyers of stocks again (see below). 2024 was the big net selling year, but so far this year they are only slightly net negative. Buffett hasn't been buying back Berkshire shares either (for 3 quarters), but to do share buybacks he reportedly likes to see the Price / Book ratio under 1.2, but it's currently 1.69 (as of Mar 31).
Q4 2022: $14.64 billion in net-equity sales
Q1 2023: $10.41 billion
Q2 2023: $7.981 billion
Q3 2023: $5.253 billion
Q4 2023: $0.525 billion
Q1 2024: $17.281 billion
Q2 2024: $75.536 billion
Q3 2024: $34.592 billion
Q4 2024: $6.713 billion
Q1 2025: $1.494 billion
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