Subject: Re: 2026 YTD Performance

Munger didn't just nibble; he deployed nearly all available liquid capital at the bottom of the market.
* **Total Initial Investment:** Approximately **$20.4 million**.
[...]
Munger often used this event to illustrate his "spear-fishing" philosophy. He believed that an investor should sit quietly for a long time, and then, when a "fat pitch" comes, they must swing with everything they have.


The fact that DJCO was able to opportunistically invest $20 million hardly seems relevant to Berkshire sitting on roughly $300 billion (and growing) in cash.

I understand giving Berkshire management the benefit of the doubt, and refusing to yell "Swing, you bum". At the same time, if one is comfortable with Berkshire amassing this mountain of cash, it seems odd to believe that the firm deserves anywhere close to the price/book ratio it historically has.