Admittedly we don't yet know whether it's a GOOD feature, but it doesn't seem to be an accidental one.


True. Cash has more than doubled just in the last 2 years. As you say it is unlikely to be accidental. Unfortunately they didn't really share the thinking behind this in the annual meeting.

What is also true is that the problem of what to do with the enormous amount of cash is now Greg Abel's to tackle. The concern that some of us feel is his lack of credentials in successfully investing anything approaching this amount. Although he was impressive in the AGM as an operator, this issue was not really tackled head on.

Muted buybacks and Abel sitting on $400 billion waiting for a meltdown to deploy is not really a prospect that leaves me feeling particularly optimistic about superior returns long term. We will have to wait and see how things pan out.