But Buffett hasn't lost his enamor with all stocks. The "Oracle of Omaha" has even invested $2.9 billion in one stock this year. What is it -- and is it a no-brainer buy now?

It is indeed interesting that Berkshire now holds $320 billion in cash vs just $272 billion in equity investments. Put another way, Buffett is holding more cash than stocks. "That’s a lot of firepower if markets see a sustained drop," notes Colas. "While Berkshire is not especially expensive, its multiple may be worrisome to a value investor ."

When Warren Buffett gives advice, people tend to listen. In 2012, he weighed in on the classic young investor's question – should I buy stocks or my first home? Speaking with CNBC's Becky Quick, Buffett stated: "Well,