Subject: Re: Investment portfolio
" Market timing is a fools game according to Buffett."
...
What would you call what Buffett has been doing the past 5-8 years?
Hoarding T-bills?

It's probably fair to note that market timing is different from market pricing. Market timing involves having a reasonably strong opinion about the next direction of price movements, which I'm pretty sure he doesn't.

I would say the absolute limit of "market timing" for Mr Buffett is the existence of the word "probably" in this philosophy:
"I don't see any good opportunities today, so I'll sit on cash for now. The wait for better picks will probably be short enough that it will be worth the wait"

Jim