[ralph84]

Buffett spent the last six months panic selling. "Be fearful when others are fearful" is his new motto. He doesn't have the same political connections he had during the GFC to get in on the sweet government-backed bailout deals this time around.

[onetimemanytime]

Not connections, this time the FED bailed out companies. Last time they had no government cash or was very scarce so they had to call the one person with a purse. And Buffet made the rules, accordingly to the power he held over the borrowers.

[totalZero]

Dollar delta changes as stock rallies. If you want to maintain a fixed dollar exposure, you can trim your position when stocks rally and add to your position when they depreciate.

[mxschumacher]

Moving less than 5% of one's portfolio can hardly be considered panic selling. The long equity exposure is over $215bn.