Warren Buffett hasn't made an "elephant" megadeal since before the pandemic

• Yes, Berkshire did pay $10 billion for Dominion Energy's gas transmission and storage business last July, but that's still a small deal by its standards.
• It reports having over $145 billion in cash at the end of March.

What happened: Buffett over the weekend said that his spring 2020 inaction was partially due to rapid and robust government intervention — from both the Fed and Congress — and his own caution over how the pandemic would play out.

• He also noted worry that Berkshire's presence could have caused government to delay aid to specific companies or sectors, which is why he sold out of airlines at a loss.
• Buffett and Charlie Munger also cited the influence of SPACs. That one didn't ring terribly true, since Berkshire should be playing in a bigger league than the vast majority of SPAC mergers.

The bottom line: Buffett has said the elephant deals make his "heart beat faster." But he's still sitting on stable, as the broader merger market's EKG machine is spiking.