Investors follow Warren Buffett's moves closely. He has earned the respect of the investing community for his wisdom, common sense, and -- most importantly -- a track record of beating the market. It's exciting when he makes big moves, especially when they ...

Berkshire Hathaway has been trimming its equity portfolio, but it's still heavily exposed to these two components.

Warren Buffett sold more stock than he bought for Berkshire Hathaway's equity portfolio for the eighth straight quarter. He also stopped buying one of his favorite stocks last quarter. That left Buffett with a mountain of cash and a clear warning for investors about current market valuations.