The Buffett Indicator has dropped from all-time highs, suggesting stock valuations are looking more attractive after April's volatility.

Investors often use Berkshire Hathaway's quarterly-filed Form 13Fs to track Warren Buffett's trading activity. Buffett has been a net seller of stocks for nine consecutive quarters, which has ballooned Berkshire's cash pile to $334 billion.

CEO Warren Buffett, known as the Oracle of Omaha, is among the greatest living investors. Because Berkshire Hathaway has delivered outstanding long-term returns for its shareholders, the company’s imminent earnings release will be a closely watched and highly anticipated event.