Subject: Re: Reading tea leaves
I can't remember a time Berkshire raised cash anticipating a market crash. Was there?
Buffett is pretty famous for saying he doesn't know what the market is going to do tomorrow, next week, next year.

Certainly that is what he says--he doesn't try to make predictions, and I believe him, taken narrowly.

But he isn't insensitive to prices. I imagine that historically the buying and selling activity isn't entirely uncorrelated with market valuation levels, at least among the large and conservative things that he favours.

Jim