Despite holding back during the pandemic, Berkshire Hathaway has started returning to the market with key transactions, such as Occidental Petroleum and Alleghany insurance. However, the cash pile has been showing up in short-term or short-dated securities, and the company has also continued to put more money into buybacks, resulting in a large share repurchase this year. The investment in various US economy areas has diversified its earnings power, which is important in an uncertain macroeconomic environment.
(for context: BRK is holding appx 21% of their current market cap in cash. Also, 157B = appx 4 years of operating earnings)