Apple, Google, Amazon - das hat er alles verpasst, wie er selbst zugibt.

Am Ende bleiben ihm wohl nur Buybacks uebrig um seine uebermaesigen Cash-Reserven zu investieren.

First, Buffett has said that buybacks are a good idea when Berkshire's stock is trading for less than its intrinsic value, and it seems that he feels that way now. After all, Berkshire's stock isn't trading for much more than the average third-quarter buyback price, and Buffett has said investors should expect buybacks to play a larger role in the company's strategy going forward.
Second, Berkshire's cash pile is getting way too big. At the end of 2018, Berkshire had $112 billion in cash and equivalents, which is $92 billion more than Buffett prefers to keep on hand. Since there haven't been any major acquisitions announced during the first quarter, it's fair to assume that the number has grown even larger.
Third, it's unlikely Buffett is finding any acquisition opportunities at reasonable prices. Obviously, we don't know the details of any takeover talks Berkshire might be having, but Buffett has said several times over the past couple of years that the biggest obstacle to getting deals done is agreeing on a reasonable takeover price. And with the market sitting just below all-time highs, it seems unlikely that's changed.
https://www.fool.com/investing/2019/04/29/could-this-be-warren-buffetts-next-100-billio...

“In the years ahead, we hope to move much of our excess liquidity into businesses that Berkshire will permanently own. The immediate prospects for that, however, are not good: Prices are sky-high for businesses possessing decent long-term prospects,” Buffett wrote.
https://business.financialpost.com/investing/investing-pro/warren-buffett-says-prospect...

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