I'm trying to wrap my head around these unusual times. After a long period of tracking the S&P we are a remarkable +24% YTD on the index. BRK is also well above long term averages of P/B etc.. I have known the S&P and BRK were going up in different manners, one seeing high multiples of growth stocks, one maintaining long term compounding, but they seemed to revert to "different approach, similar result". Now we hear hype about the wisdom and foresight of WEB, for selling some stocks and piling up cash. But how much premium do you price into a cash pile, especially when management is conservative and a change is inevitable.

I'm sort of at a loss for any feeling about where the price should be expected go. If things get worse how durable is the "safe haven, defensive stock status". If things get better, same question. Will it revert soon to average parameters? Will it continue this unusual disconnect from market trends??