Warren Buffett was still searching for that elephant in his final months as Berkshire CEO

Core Insights - Warren Buffett, nearing the end of his tenure as CEO of Berkshire Hathaway, is actively seeking significant investment opportunities but is hindered by a lack of suitable options in the market [1][3] - Despite holding a record cash reserve of $381.6 billion, Buffett has not found large enough deals that meet his valuation criteria [3][4] - Buffett's recent acquisition of Occidental Petroleum's chemical business for $9.7 billion marks Berkshire's largest purchase since 2022, indicating a cautious approach to deploying capital [5] Cash Management and Investment Strategy - Buffett emphasizes that while cash is necessary for unforeseen circumstances, it is not a desirable long-term asset, preferring to invest in quality businesses at sensible prices [6][4] - He compares liquidity to oxygen, highlighting the importance of having cash available while acknowledging the risks of holding excessive cash [6][7] - The transition to Greg Abel as CEO may bring pressure to deploy Berkshire's substantial cash reserves, as shareholders may not extend the same patience to Abel as they did to Buffett [8]