Subject: Re: Spy down another 4 percent,
So here we are with no visibility more uncertainty than he's [H. Marks] seen in his lifetime and an overvalued market. This surely explains Buffetts large cash position.

Mr Buffett is smart, but not prescient. Remember that the extra-large cash pile was built before any of the latest chaos, and before the election. Though he may have foreseen some general weak spots here and there in the economy, it seems clear it was mostly valuation based.

Jim