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 2
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