Subject: Re: Reversion to .....mean? S&P?
“But how much premium do you price into a cash pile, especially when management is conservative and a change is inevitable.”

Short term, not much. Long term (beyond 3-5 years), a nice premium imo. Maybe that is what Mr. Market is pricing in as well, given our track record in previous times of cash build up & ensuing bear markets. Quite surprised to see us outperforming the S&P by 24%!