Buffett trimmed his Apple stake by about a quarter in the last few months. The company had a solid recent earnings report, but has posted slow growth. The stock trades at an inflated valuation, which may have helped prompt the sale.

Warren Buffett is unwinding his most profitable trade in history, filling Berkshire Hathaway’s coffers with cash. But it is unclear if the Oracle of Omaha is ready to go elephant-hunting with his recent bounty.

Berkshire Hathaway was a net seller of $127 billion of stocks this year, including Apple and Bank of America. That brings its equity portfolio down to $300 billion and nearly doubles its cash position to a record $311 billion.