Subject: Re: OT-Guy Spier’s Aquamarine Fund
"BRKs future may be better off by investing excess cash in indexes."

There's almost no way this could be true. The excess cash is always there waiting on the sidelines for a sudden good deal that shows up. Most of the time, sudden good deals show up after a big drop. If the excess cash is in an index that means they would have to sell during or after a big drop to free up the cash to pay for the sudden good deal. Remember the GFC? Those few good deals showed up very quickly and Berkshire needed ready cash to fund them. And those good deals proved to be very profitable over time.