Subject: Re: So my question is…
Considering that:
(a) what we call "cash" is only a shorthand for the short end of the entire fixed income portfolio, and that
(b) the fixed income portfolio (including cash) isn't any bigger than historically normal as a fraction of the assets of the company or as a fraction,

I question why looking at cash (or equivalents) as a percentage is the right way to do it. Some businesses need ready cash, the insurance business most obviously. But after those, what is all the cash for? If he’s right and there are no more elephants, it can’t be for that. If we set aside a more-than-adequate insurance reserve, what is the rest for?

Or is the market so overvalued that there are simply no opportunities there either? Really? The stock-pickers dilemma?