And I suppose it depends on personal circumstances. For example, I sold a good amount a year ago, to take my allocation down from 90% to 40% and reduce fx risk (I don’t live in the US).

I’m telling myself that was okay, as not even Charlie would recommend that much concentration. But it still hurts on a day like this.

Buffett the grand master 99% BRK.

I’m also mindful of three risks to the share price in the medium term, which could present a buying opportunity.

A general market decline that hits the (albeit less significant) equity portfolio.

Lumpy insurance results cause a temporary decline in underwriting profitability in the non Geico insurance businesses. 2024 was an incredible year.

A general lack of interest in Berkshire once Buffett retires. Combined with a growing cash pile.

All three are irrelevant in the long term of course and it can be argued that some of those are long term positives.