[Berkshire's alleged $8.5B in repurchases](https://www.cnbc.com/2026/08/07/berkshire-earnings-may-prove-stock-is-cheap-and-that-abel-and-buffett-think-so-too.html) from April through July is being spun as a vote of confidence in equities. It's not. It's a vote of no-confidence in fixed income. The gap between 10-year Treasury yields and S&P earnings yields has collapsed — bonds finally stopped paying you to wait, so megacap insiders are rotating cash into equity buybacks.

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