Subject: Re: Buffett Cash Hoard: Why $397 Billion Sits
So, "holding that much cash during a sustained bull run" is precisely what the smartest portfolio manager would do, particularly during what seems to be the later stages of a bull run. The seem to be complaining about management doing what makes most sense.
And to be fair, Berkshire has only held much-more-than-usual cash for the last two years.
Consider this ratio:
(Cash + Fixed - Float)/Assets:
2010 1%
2011 -1%
2012 0%
2013 -1%
2014 0%
2015 0%
2016 0%
2017 1%
2018 1%
2019 2%
2020 2%
2021 1%
2022 -1%
2023 2%
2024 14%
2025 17%
2026-1 17%
Same ratio in 2000: 7%