Billionaire investor Warren Buffett is continuing to sell stocks, with no “elephant-sized” acquisition on the horizon, amid the coronavirus pandemic.

Warren Buffett

Billionaire investor Warren Buffett, who told investors earlier this month that he had made a “mistake” betting on airlines, is continuing to sell stocks amid the coronavirus pandemic, the latest regulatory filing from Berkshire Hathaway shows.

Buffett has remained relatively quiet during the coronavirus market downturn: Rather than make any “elephant-sized” acquisitions, he’s trimmed Berkshire’s holdings—mostly banks and airlines so far—and grown its cash pile to $137 billion.

The Oracle of Omaha’s biggest recent move was to sell off most 84% of his stake in Goldman Sachs, a longtime holding which he famously invested $5 billion into during the 2008 financial crisis.

Buffett decreased his stake in Goldman, which saw its stock plunge over 30% in the first quarter, from over 12 million shares to just under two million; His remaining investment is valued at around $330 million, Berkshire’s filing shows.

Berkshire Hathaway cut its stake in another bank, JPMorgan Chase & Co., by 3% in the first quarter, while also fully exiting positions in insurance giant Travelers and energy company Phillips 66.

Buffett’s Berkshire Hathaway BRK.B reported a massive net loss of nearly $50 billion in the first quarter. The investing conglomerate sold $6.5 billion worth of stocks in the month of April, compared to buying only $426 million worth of equities during that period. “We did very little in the first quarter,” Buffett admitted at the company’s annual shareholder meeting in early May. The coronavirus market sell-off that occurred in late February and through most of March took a significant toll on the company’s businesses, he said. Berkshire’s cash pile rose from $125 billion to $137.3 billion, as the Oracle of Omaha continues to look for an elephant-size acquisition. Buffett also told investors that he had sold all of the company’s airline stocks, admitting that he had made a “mistake” and that “the world has changed for airlines.” Berkshire cut its holdings in the four largest U.S. airlines—United, American, Southwest CSWC and Delta Airlines DAL, which were cumulatively worth more than $4 billion.

In a remark similar to the ones he made to calm markets during the 2008 financial crisis—urging people to “Buy American,” Buffett recently said that he is optimistic that the U.S. economy can bounce back and overcome coronavirus. “I remain convinced… nothing can basically stop America,” he told Berkshire shareholders at the annual meeting. “In the end, the answer is: Never bet against America.”

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