Subject: Re: Expected value
Berkshire's cash levels net of float have been above normal-ish for only a couple of years, so settle in...

True even measured in other ways.

I suppose the conclusion, if you follow the back of the envelope as well, is that management can sit on their thumbs for another five years and still have a decent chance of coming out ahead for us : )

Seriously, we need a bear market. Maybe even a secular bear. Given what has been ignored by the market thus far, it's hard to imagine what it would take. Nothing sudden would do it, as people have been trained to buy on dips with too much positive feedback for a very long time. It would take a gradual generational change in mood. Those aren't unheard of.

Jim