Subject: Re: Tariff reaction tomorrow?
What IS happening? Berkshire and the market are at particularly high valuations. It's fine to take some risk off the table and get an easy 4% nominal return. No political forecasting needed.

Cash has done nicely for me. For those living outside the US, the recently rising US dollar (typical of any stretch of flight-to-safety) is a nice boost to local purchasing power, at least in a transient way. On a trade weighted basis the US dollar is up about 2.3% from November-December, up 4.5% from levels typical of last spring and summer, and up 8.7% from the low around end September.

Jim