Warren should spend the cash & T-Bills before he steps down. I don't think he will because he wants to leave such decisions to the new CEO. However no one is as skilled at investments, acquisitions, stock repurchases, etc. as Warren is. No new CEO will be able to resist the temptation to make a major acquisition with $342 billion in cash and T-Bills on the books, and almost all major acquisitions by corporations go poorly. The cash and T-Bills are only earning 4.3%. Don't wait for a mega-elephant. Don't wait for Berkshire stock to sell at a large discount to IV; it's selling at IV now. Repurchasing at IV will not increase IV/share, but it will effectively convert T-Bills earning 4.3% into Berkshire stock growing BV at 10%/year. Spend the cash now, before stepping down as CEO. Everybody will say, "Trust Warren," but Warren will not be in control much longer. Yes, he will still be Chairman of the Board, but his time to make major executive decisions, like spending $300 billion, will very soon be gone.