This past weekend, Berkshire Hathaway released its second-quarter operating results, which featured, among other highlights, a record $122.4 billion in accumulated cash and cash equivalents. While cash is king, this isn't the case for an investment company like Berkshire Hathaway that aims to put its capital to work in companies that it views as lucratively valued. Whether it's making direct investments in businesses, or acquiring them outright, as Berkshire has done dozens of times before, this cash pile, in Buffett's own previous words, would be better off closer to $30 billion. 

All of Buffett's actions would appear to suggest that the Oracle of Omaha doesn't view the stock market as all that attractive right now. Of course, that's nothing Buffett would ever come out and say. But his actions are speaking much louder than his words at the moment, and investors would be wise to take note. MOTLEY FOOL