Most of that cash is hosued in the insurance subsidiaries and it is not immediately available without permission from the various insurance regulators* - only a small portion of it is. So I tend to look at all that cash, not in isolation on its own, but as part of the assets/liabilities structure and returns from the insurance businesses.

*from BRK 2025 10-K Note 15: Insurance Subsidiary Disclosures

"Without prior regulatory approval, our principal insurance subsidiaries may declare up to approximately $33 billion as ordinary dividends during 2026."

This $33 billion must be placed in context of the $369 billion of cash and T-Bills held at the insurance subsidiaries in total. Of course, BRK could ask for permission to upstream more cash to the holdco and regulators might grant it - but its not a certainty.

What is new and unique is the amount of cash at the holdco at the 2025 year-end - $113 billion. This is unusually high and I guess might be a drag on how to think about BRK price-to-book now. But perhaps Abel is already deploying it (GOOGL, buybacks, homebuilders, etc).

Just my 2-cents.

Bill