Subject: Re: Brk, obviously the sellers aren't done it
Hopefully Buffett believes 345 ish will best 5 percent t bills over the next five to ten years?

I don't imagine anybody doubts that. But the purpose of the cash isn't the 5%, which won't beat inflation over time, it's a placeholder for the investment opportunity power.
So the real question is, will Berkshire shares purchased today at $345ish beat the best big investment opportunity that management can spot in the next 6-12-18 months?

I'd say "probably not", but the reason it's such a hard question is that nobody knows.
Add it's further complicated because it's not an all or nothing wager. The real question more how much should be wagered on each answer.
And yet further by how long it takes to get into a position, even (especially) if the pick is Berkshire shares.

Jim