Also, there's a chart showing the yearly increase in cash holdings. To me this is the million question, or more like the $300B question. Why have we literally almost doubled our cash holdings in over a year? I know it gets discussed but to me this is a flashing red signal that we just don't know. Here are the only theories I've heard so far.....

1. Winding down Apple because it's either it's too large of a holding or he sees some headwinds long term for the company.
2. There's a big purchase coming.
3. He see's a bubble is stocking up in advance. Personally, I don't see this as plausible because it would fly in the face of "buy and hold forever" and he's not one to predict or time markets.
4. With the interest rate increases over the last 3-4 years he is happy with a 4-5% return on Treasury Bonds.

Of course I have no idea why we have almost doubled our cash holding over the course of a year but I would imagine this is going to be answered in the AR or the shareholders meeting. Very odd indeed!