Agree. And Buffett did something he rarely does—give forward cash balance guidance. I think he did that knowing even if a buying opportunity or 2 popped up pre 6/30–$200 Billion cash was still where we were headed. He guided to that number at the AM.

And Warren’s $200 Billion cash balance guidance was given when..

A.) Apple was substantially lower.
B.) Buffett announced he had already dumped a ton of Apple.
C.)Since, Berkshire stock has traded around the very “high end” of previous buyback prices—certainly not a compelling buy-in attraction…just “OK”
D.) Since the AM, the stock market, not attracting net Berkshire purchases at lower valuations, has raced higher.

So the question is: where will “Berkshire Cash” stand as a standalone S&P 500 Company? It’s about a top 60 S&P “company” now. We BEGIN that conversation at $200 Billion. And the cash coming in to Omaha each week shows no signs of slowing.

The 6/30 cash # could be staggering.