Berkshire Hathaway has been trimming its equity portfolio, but it's still heavily exposed to these two components. Warren Buffett took the helm at Berkshire Hathaway in 1965. Since then, shares of the holding company have soared by about 4,631,475% ...

It is indeed interesting that Berkshire now holds $320 billion in cash vs just $272 billion in equity investments. Put another way, Buffett is holding more cash than stocks. "That’s a lot of firepower if markets see a sustained drop," notes Colas. "While Berkshire is not especially expensive, its multiple may be worrisome to a value investor ."

In addition to its dozens of fully and partially owned subsidiary businesses, Buffett's conglomerate also owns a portfolio of publicly traded stocks worth $287 billion as of this writing. And while the Oracle of Omaha is best known as a value investor,