If Cash is such a bad investment then why is Berkshire holding $397B in cash in Q1 2026?

During the lead up and climax of the dotcom bubble, retail investors were calling Buffet a dinosaur and saying he was "out of touch" when he refused to buy the dotcom garbage and was holding cash. Fast Forward to 2026, online investors are saying generally the same thing about him/Berkshire.

The sentiment online is literally "Buy the dip bro! Stocks only go up!"

Yet the person widely seen as 'the greatest investor ever' has amassed roughly 1% of the US GDP in cash...

It is obvious Buffet is expecting a cash by his actions not his words. He can't come out and say the market is looking like it might/will crash but it certainly seems like that is what he believes based on the fact Berkshire is holding 59% of thier investable assets in short term treasuries/cash/cash equivalents.

EDIT: I realize the Title should be "If holding cash..."