I think it speaks volumes that Buffet has nowhere else to put that ~$382B in cash; that speaks more about current asset valuations ("everything bubble" [1]) more than that US cash is trash. If assets classes are inflated, US treasuries are no longer a safe haven, gold and other precious metals are overbought, where do you go? There is no immediate answer, imho, but only a slow burn as the world reconfigures around the US not being a superpower, the dollar not being a reserve currency, etc. As Workaccount2 comments downthread, "The dollar sucks but everything else sucks more. [2]"
[1] Look around: Bubbles are everywhere. - https://news.ycombinator.com/item?id=46303596 - December 2025
[2] https://news.ycombinator.com/item?id=46407032