"We acknowledge that a risk-off market environment has pushed investors back toward benchmarks during the last two years, disadvantaging strategies that focus on disruptive innovation," Wood said. She acknowledged that companies could be cutting back on research and development and other investments due to the rising interest rates in a move to build their cash holdings. Berkshire Hathaway Inc (NYSE: BRK-A )(NYSE: BRK-B ) CEO and noted investor Warren Buffett has a famous saying of "Be fearful when others are greedy, and greedy when others are fearful." Wood channeled that in her year-end letter. "Fear of the future is palpable these days, but crisis historically has created opportunities." Wood said cash levels are at their highest point since the "9/11 crisis in 2001." Investors are also overweight in bonds for the first time since April 2009, suggesting that risk appetite has changed during the high inflation period.