Well if we have a business which is merely hoarding cash, you should equally be completely prepared to accept lower multiples

Yes, that of course you have to eventually accept.

There still seems to be a level of comfort in the shareholder group that ballooning cash reserves is a not a problem that needs to be solved and one must have "faith" and not ask the question.

That group is shrinking --- as you can see perfectly here. The voices "Do something with it!" become more and louder. As longer it takes to put the cash hoard to full use as less people will accept it. At the moment many are only willing to still accept this inactivity because they see their Berkshire investment as insurance against a very highly valued market. But how much longer will that reason be enough for them to stay with Berkshire?

The trust*** in management is clearly dwindling, with markets getting higher and higher and each month at Berkshire going by without "finally" something big happening. From yesterday´s not exactly enthusiastic reaction of the market to the AM it seems that this dwindling trust in management did not change with Greg, so I wouldn´t be surprised if Berkshire falls out of favour - which in itself would provide opportunities.


***I would replace "faith" with "trust". Google´s AI: "Faith is conviction in the unseen or intangible. Trust is a verb, a choice, and an action often based on experience or evidence."