Goofy,


While the following may upset those who view Buffett as being extremely rational in all things, I suspect there's a little ego involved. Sort of like declaring a dividend admits I can't find a home for all the money anymore would do.

I think Warren really believes there will come another major market opportunity to deploy cash in his remaining lifetime. And he wants to be prepared to take advantage of it.

He's a competitive guy beyond his public image.

And I do think he's avoiding some existing market opportunities in favor of retaining future flexibility. Such investments would probably go down with the market just at the time he wants the cash for other uses. Current interest rates reduce the cost of doing so.

I like BRK buybacks as an alternate. But market volumes limit the amount that can be deployed together with IV constraints.

Just an opinion.