No. of Recommendations: 2
They’re buying nothing.
This is clearly the case ... and is somewhat worrisome. I think there are a few reasons for it:
1. I think they've decided that any smaller purchase (under $5-10B) won't even move the needle, so why bother. If they buy $5B of something, they would have to buy 60 positions to use up the $300B, and then they pretty much become a mutual fund of sorts.
2. They want a BIG deal, or a few big deals. So maybe buy all of Chubb ($50B), or buy the rest of Oxy ($50B), etc.
3. They see nothing particularly attractive right now, or more accurately no attractive prices for what they think the business is worth.
#3 is the worrisome one.
