I'm guessing the real problem is he's irrationally bullish on the US stock market when there's no sane reason to be.
Selling billions of dollars in equities to hold cash doesn't scream bullish.
I have been hearing about him being overall bearish for quite some time (or at least, more cautious than average). I have no idea what your sources might be. He does pick individual stocks that he expects to do well, of course.
I wish there was a way for me to automatically show you this post in 10 years in a smug and hostile fashion