So here's something interesting I've been watching. Warren Buffett sold stocks like crazy through most of 2025 — we're talking over $24 billion in equities hitting the market. Twelve straight quarters of being a net seller. That kind of consistent selling usually signals one thing: the guy thinks the market is way too expensive right now.

Berkshire's cash pile has ballooned to $354 billion. That's unprecedented. When Buffett hoards cash like this, it's basically him waving a giant red flag about valuations. U.S. stocks trading at multiples similar to the dot-com bubble peak? Yeah, that'll do it.

But here's where it gets interesting. Despite all that selling, Buffett hasn't just been sitting on his hands. In the last few months, he's been quietly deploying capital — roughly $14 billion worth. And the moves he's making? They're telling us something about where to actually find value in this market.

Take the Alphabet purchase. Buffett has historically avoided tech stocks like the plague. But he just bought 17.8 million shares, pouring around $4 billion into Google's parent company. Why? The stock was trading under 20 times forward earnings while other AI darlings were way more expensive. Plus, Alphabet prints tens of billions in free cash flow every quarter despite dumping money into AI infrastructure. That's the kind of fundamentals Buffett can get behind, even if it means breaking his no-tech rule.

Then there's the OxyChem deal — a $9.7 billion acquisition of Occidental Petroleum's entire chemical operation. This one's classic Buffett. He identified chemicals as undervalued, then went off the open market to secure even better pricing. The beauty of this move? Berkshire keeps its Occidental preferred shares generating an 8% dividend. That's double what Treasury bills pay. And the deal actually strengthens Occidental's long-term prospects, which matters since Berkshire owns 28% of the company.

The third piece is increased stakes in Japanese trading houses Mitsubishi and Mitsui. This is interesting because Buffett rarely looks outside the U.S. for opportunities. But the Japanese market is offering way better value than American stocks right now, even as those valuations have climbed. That's saying something.

So what's the actual message here? The stock market overall looks expensive — especially large-cap U.S. stocks. But that doesn't mean there's nowhere to invest. You just have to be willing to look beyond the usual places. That might mean exploring smaller companies, international markets, or opportunities that require more homework than your typical index fund.

Buffett has access to deals most of us don't get — like buying an entire chemical subsidiary. And sure, Berkshire's size sometimes works against it. But the principle holds: if you're willing to expand your search beyond the obvious, you can still find compelling investments. It just takes work, and it might mean stepping outside your comfort zone.