“The price (BRK) was not resilient in the crunch, but the investment was.“

That is true. I am currently very concerned for people outside of the value mindset. This is a very dangerous market to be all in on US equities at 30 times earnings. If profit margins mean revert that multiple is even higher.

No doubt, the euphoric market can continue for some time. If it cracks, Berkshire’s price will take a hit but not as much. That is not completely irrelevant, as it depends when one is going to start spending the money. And what we do not know, in the next crash, is how many years will pass before new highs are reached. Certainly Berkshire is a good place to be for at least two reasons. Last man standing and what must now be a huge cash pile that could be deployed. Plus the happy thought, that if Berkshire fell 50% it would be deeply below intrinsic value even in a recession. That can’t be said for some other high flyers to the same extent.

I don’t plan to ever retire and find the whole idea of it increasingly bizarre. However, I recognise that some day my customers, or employer won’t want me. For that reason I have a decent cash allocation. In an inflationary world, that might well hurt my purchasing power, versus equities but this market looks bubbly to me.