Buybacks can continue for as long as Berkshire has at least $30 billion in cash and equivalents on its balance sheet. Since the conglomerate is sitting on a staggering $347 billion in liquidity right now, Buffett and his team can authorize more buybacks whenever they feel the time (or the price) is right.

Warren Buffett is preparing for a potential stock market decline, signaling alarm bells with his investment strategy and large cash position. Is a 40% drop coming?

Perhaps that’s one reason stocks are selling off globally this morning. While most indexes in Asia and Europe remain near their all-time highs, there is broad-based but mild selling in all of them.