Buffett is simply a value investor. He follows cash flow also. He is also approaching his use by date.
Buffet basically said that he didn’t think there was anything currently worth buying. That everything was overvalued. Which is why they are keeping so much in short term Treasury Bills.
He also inferred that the stock market was overvalued and they were waiting for a correction to buy anything.
I feel exactly the same way. I sold everything except two mutual funds about two months ago. I am currently 95% invested in Money Markets and short term TBills.