Warren Buffett and Berkshire Hathaway have more than $55 billion in cash on hand, and in his latest for Forbes.com Validea CEO John Reese looks at some companies that might be of interest to Berkshire.

“If you’ve read or heard much from the world’s most famous investor over the years, you know he is just itching to use it,” Reese writes. “But if you know anything about Buffett, you also know that he is exceptionally patient and likes to strike when prices are low and fear is rampant, neither of which seems to be the case right now. I suspect the Oracle of Omaha feels a bit like he did back in 1997-98.”

At that time, Buffett said that he and Berkshire like to wait to swing at a “fat pitch,” Reese says, noting that Buffett compared his approach to that of exceptionally patient Hall of Fame slugger Ted Williams. “Williams’ willingness to wait for a good pitch to hit dramatically increased his odds of success, and Buffett said Berkshire’s patience in waiting for a good deal did the same for his company,” says Reese. He looks at a handful of firms that get high marks from his Buffett-inspired Guru Strategy, but which may be a bit pricey for Berkshire to pounce on. If their prices dip a bit, they may become just the sort of stocks Buffett would grab, Reese says. Among them: Precision Castparts.