It should not go unnoticed that Berkshire Hathaway is now sitting on $400 billion of cash, which is the biggest hoard they have ever had.  In 1998, the financial media called him an idiot, and what happened in 2000?  Buffett was an idiot again in early 2008.  What happened in late 2008 and 2009?  

Buffett is not an idiot, and for him to say now that there is nothing out there of value to buy and I’d rather have cash, that tells you a pretty big story.”