"If inflation is running at 4% you're earning 1%.

I have a large stake in Berkshire. And I'd rather keep it invested in Berkshire. Even if forward returns are temporarily low.

Because the other option is to sell and earn 1% while you hem and haw about what to do with the cash and if now's the right time to reinvest."

I see things similarly to carolsharp probably because even at my advanced age I am still working and receiving income from work and other sources. I numbers crunch through the tax implications and usually it is not worth cashing in our winners despite some of the positions now seeing limited upward appreciation in recent years. Berkshire is now 55% of our holdings and has certainly juiced our portfolio value this year. We've ridden up and down in previous years (2008 -2009) and are prepared to ride up and down again . . .. . . as the up and down ride will come again one day.

The fun comes with continuing to do research (reading, always reading), listening to podcasts and reading the wonderful comments by folks on this and other boards. As available cash comes in, investing in opportunities is just as much fun with a small amount of money as is grinding out decisions involving selling large positions during major market down moves to enable jumping on something with more long term potential. Paraphrasing Munger (I think he said something like this statement), be prepared for making sudden moves is a good practice.

Uwharrie