Subject: Re: BACk to selling BAC
good point about BRK being a partial cash proxy with optionality, with a coiled spring loaded for bear!

I don't argue, but bear in mind that the spring has a short range of travel. At Berkshire's size, big outperformance is pretty much out of the question.

Unless we once again see a period that willing buyers with ready cash are truly rare, which is (a) an extremely rare occurrence and (b) not a global situation you really want to wish for.

Jim