Berkshire has built a record $325 billion cash heap as a historically expensive stock market presents few obvious value buys.

Investors are awaiting Berkshire Hathaway Chairman Warren Buffett’s annual investor letter, in which he typically expounds on Berkshire’s performance along with anecdotes and vignettes about investing and life.

The Oracle of Omaha has $180 billion collectively invested in four brand-name companies with well-defined competitive advantages and phenomenal capital-return programs.