Why didn’t Warren Buffett buy more shares in the recent bear market?

When Berkshire Hathaway Inc. (NYSE: BRK.A) (NYSE: BRK.B) reported its March quarter activity, many investors were shocked to see that Warren Buffett had not put more of his massive cash pile to work. Buffett didn’t make any meaningful buys, despite the S&P 500 Index being down as much as 34%. This included Berkshire’s own...