The stock market is taking a beating—again. The Nasdaq just hit its lowest level since 2020, the S&P 500 is deep in the red, and investors are scrambling. Recession fears, inflation worries, and policy uncertainty have Wall Street on edge.

The fourth quarter saw Buffett sell off significant chunks of his stakes in financial stocks including Bank of America and Citigroup. At the same time, he's piled any cash leftover after Berkshire's massive tax bill into one high-yield investment. Here's what investors need to know.

The last time Berkshire aggressively bought stocks was in early 2022 when the S&P 500 was 20% below current levels.