For 2024, American Express expects its revenue to increase 9% as its EPS rises 23% to 25%. It attributes that growth to the stabilizing U.S. economy, its growing adoption among higher-income Gen Z and millennial shoppers, and its international expansion.

For the first time since 2018, Buffett’s company didn’t buy back any stock in the quarter, according to FactSet.

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 ."