Subject: Re: Some Thoughts - Maybe Too Many
> "I personally think the most simple explanation is the most likely one: That he sees nothing really attractive and simply prefers to wait"
I don't know. The last 10-Q https://app.quotemedia.com/dat... (
June 30, 2024 December 31, 2023
(Unaudited)
ASSETS
Insurance and Other:
Cash and cash equivalents* $ 36,884 $ 33,672
Short-term investments in U.S. Treasury Bills 234,618 129,619
Investments in fixed maturity securities 16,802 23,758
Investments in equity securities 284,871 353,842
... as compared to the prior year's second quarter (https://app.quotemedia.com/dat...).
June 30, 2023 December 31, 2022
(Unaudited)
ASSETS
Insurance and Other:
Cash and cash equivalents* $ 44,611 $ 32,260
Short-term investments in U.S. Treasury Bills 97,322 92,774
Investments in fixed maturity securities 22,353 25,128
Investments in equity securities 353,409 308,793
I know we all know this, but the table format makes it more tangible for me, at least.
A $350B equity portfolio is reduced by 20% and short term treasuries are increased 150%, in under a year. It's a big move for someone I had considered patient. It could be as simple as not liking the size of BAC and AAPL positions, but not redeploying into equities and taking the 5% on treasuries instead is meaningful, given the capital gains bill. He could have sold more slowly, and even if he was really unenamoured with Apple, there are non-treasure alternatives.
Heico stood out to me in the new positions, he hasn't held a defense contractor in a while, even though I believe flight services won some contracts.
As an aside, I mean no disrespect with the comment about depression, I just don't anyone could not be affected by something like that in their life. We're all only human after all. I would not suggest it has influenced his sense of fiduciary responsibility, just perhaps the calculus in his tactical decision making.