Subject: Re: Berkshire’s cash and next crash
"Unknowable but if you had to bet, what might trigger the next proper crash"

While there are catalysts that can be pointed to as triggering the crashes in '74 (oil) and '08 (subprime mortgages), my interpretation of the cause of crashes in 1929 and 2000 is basically that P/Es just got too high. With the Shiller CAPE presently at 38, a large correction is plausible at any time, without a specific trigger. JMHO