Subject: Re: Barron’s piece on Berkshire
Mark and Jim, I think this is the discussion you're looking for from the morning session of the 2024 Annual Meeting. Buffett did say even if T-bill yields were lower, it would not change the fact that he'd be holding so many of them. He was referring to the entire cash pile based on current opportunities (or lack thereof).

BECKY QUICK: This question’s from Johan Heylen, who writes, “You’re sitting on a 168 billion of cash, which you told us today is now more than 182 billion dollars.” His questions are, “One, what is Buffett waiting for? And two, why not at least deploy some of it?”

WARREN BUFFETT: Well, I think that’s pretty (laughs) easy to answer.

I don’t think anybody sitting at this table has any idea of how to use it effectively and therefore we don’t use it and we don’t use it now at 5.4 percent, but we wouldn’t use it if it was at 1 percent.

Don’t tell the Federal Reserve that -(laughter) prefer it.

But the we don’t we only swing at pitches we like. And if anybody tried to swing at every pitch or felt that because they hadn’t swung at a pitch for the last two pitches they ought to swing at the third one or something like that, it’s just there are times and obviously but I would say this.

I would not like to be running 10 billion now. Ten million I think we could I think Charlie or I could earn high returns on, because I think there are just a few things that happen on a very, very small scale.

But that if we had 10 billion, we wouldn’t I wouldn’t basically see many more opportunities than we’ve found.

Now, it’s true that something like Japan we could’ve done if the company had had a 30 or 40 billion and we’d make we’d have had great returns on equity.

But if I saw one of those now, I’d do it for Berkshire.

You know, it isn’t like I’ve got a hunger strike or something like that going on. It’s just that they things aren’t attractive. And there is well, there are certain ways that can change, and we’ll see whether they do.

https://buffett.cnbc.com/video...