Warren Buffett , who came into 2025 with the most cash he’s ever owned, is now presented with an ugly market meltdown and extreme volatility — an environment where he’s known to thrive. Buffett, the fabled father of value investing, has a long history of taking advantage of depressed periods to hunt bargains and put together prompt deals. Although Buffett is against timing the market and will admit he has no ability to predict short-term trends, his positioning ahead of the current market turmoil appears particularly prescient. Over the past year, Buffett had been aggressively offloading his two biggest equity holdings — Apple and Bank of America . His Omaha-based conglomerate’s cash level ballooned $334 billion at the end of 2024 — a record high in absolute terms — and now accounts for about 30% of Berkshire Hathaway ‘s total assets. His defensive stance provided a massive cushion for Berkshire as President Donald Trump’s stunning tariff rollout and reversal triggered roller-coaster price swings in the market. The S & P 500 briefly tumbled into a bear market, which means it fell more than 20% from its record high, before recouping some of the losses. Before the Oracle of Omaha reveals his market outlook and if he’s mulling any big deals at Berkshire Hathaway’s annual meeting in three weeks. Here’s a look at what the legendary investor has done during past crises. Covid mayhem In 2021 when the world was shut down by the Covid pandemic, Buffett was ready to deploy a massive amount of capital. However, he ultimately decided to wait for a more opportune moment as the Federal Reserve stepped in with maximum, emergency support. “We could have deployed $50 or $75 billion, and right before the Fed acted,” Buffett said at 2021’s annual meeting. “When Jay Powell acted as he did, that was incredibly important. … They moved with a speed and a decisiveness on March 23rd that changed the situation where the economy had stopped.” The biggest investment Berkshire made during the pandemic was actually its own stock. The conglomerate repurchased $24.7 billion worth of its stock in 2020 and another $27 billion in 2021, a record for the company. “We can’t buy companies as cheap as we can buy our own. And we can’t buy stocks as cheap as we can buy our own. We’ve been able to do that with a fair amount of money,” Buffett said in 2021. Buying spree in 2008 During the 2008 financial crisis, Buffett managed to swoop in and struck some of his most famous deals as the mortgage bubble burst and roiled financial markets. Buffett was a white knight for troubled banks . He came to Goldman Sachs ‘ rescue with a $5 billion cash infusion after the collapse of Lehman Brothers. Buffett also made an investment in General Electric, while injecting $5 billion into then-beleaguered Bank of America in a major show of faith. “In 2008 and ’09, the truth is, we weren’t buying those things to make a statement to the world,” Buffett said in 2020, reflecting on the crisis period. “We made them because they seemed intelligent things to do. And markets were such that we didn’t really have much competition. It was designed to take advantage of what we thought were very attractive terms. But they were terms that nobody else was willing to offer at that time because the market was in a state of panic.” His reputation as a shrewd investor with a mountain of cash allowed him to serve as a lender of last resort. The Berkshire chairman and CEO said he had to calculate frequently his opportunity cost during that period. “You are faced, in a chaotic market, particularly where people needs large sums … all of a sudden you’re called on for billions, if you’re going to play at all,” Buffett said in 2009. “It was the first time we really faced the question, you know, can we raise a couple billion dollars in a hurry, to be sure that we’ve offset the cash needs of what we’re committing to on the purchase side.” Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles, and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!