Realistically, BRK has only two options for reinvesting retained earnings at present: (1) Internal reinvestment in existing businesses like BHE, BNSF & MSR. Hopefully at a decent rate of return (like 10%+). But even here, it is clear that Greg & Warren are not going to throw good money after bad in BHE. So it appears that BHE is not a great candidate until the liability issues are resolved for further investment. (2) Buybacks if the stock price corrects a bit.

If there were to be a major dislocation in the markets, it gives BRK the ability to add significantly more common stocks to the equity porfolio but given the high valuation of the market today, that's pretty much off the table except for one off stuff like OXY or Chubb.

I find it interesting that Buffett said BRK doesn't currently pay dividends in the 2023 AR. I find this sentence quite significant; it's as if he is preparing shareholders for the initiation of a (hopefully) small and perhaps a variable dividend in the future. He clearly thinks the days of major acquisitions are over.

I agree with others that the decision to sell is easier in tax deferred accounts; staying put in taxable accounts is probably the way to go even at a relatively rich valuation for BRK.