There have been a number of discussions wondering whether Berkshire was dumb to sell stocks which had risen , only to see them move higher.

It is obvious that they are now caching cash (waited a long to to join those two :-), presumably to deploy it at a beneficial time of their choosing.

There is an investment premise not to lose money.

Let's step back and assign whatever probabilities we think are appropriate to both the timing and the magnitude of a future downdraft in equity prices.

At some point, there is a breakeven between the likely amount which could be won by keeping the chips of the roulette table, verses redeploying the funds if the market drops. While predictions are difficult to make, especially when it comes to the future (thank you Yogi), I'm guessing the numbers hit an inflection point.

Jeff