... thank you both, and to be abundantly clear, my post was not in reaction to the market movement today or yesterday. I was a young lad during that 99-01 era, but I do remember it and how wild it felt along the way. My reaction is to earnings yields relative to bond yields feeling exceptionally low. My reaction is also to hyper concentration in a select group of stocks that are generating tons of value per dollar of earnings and yet may not be able to meet market expectations in the coming years.

I have a high class problem of a fair bit of S&P in taxable accounts with a decent gain and I would sure love to 'swap it' for some Berkshire or cash if there weren't a huge tax hit.

I've been burning a lot of cycles comparing an immediate 25% hit versus a "can't know when but sure seems likely" 50% hit.

Berkshire Hathaway FAQ

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