Subject: Re: Thought I would Google the question?
“OMG If I wanted to put my BRK invested money into the S&P, I'd take it out of BRK and put it in the S&P!

It makes much more sense for BRK to distribute its cash by buying back its own shares than to turn itself into a mixture of BRK raisins with SP500 turds. At least we get two different investment choices this way.”

I didn’t say the S&P. A value-weighted strategy. The kind of thing Jim keeps dreaming up, on a bigger scale. A mechanical strategy. Index in quotes.

Berkshire needs to keep a bunch in liquid investments. Some of it will always be T-bills, some fixed income, some equities. The float has to be well covered.