Subject: Re: Reading tea leaves
The more out-there speculations are that there is in fact a big deployment of some type on the horizon, or that (atypically) management is anticipating a market rout, or that Mr Buffett has permanently given up on big allocations to publicly listed US stocks.

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.

But I guess if he felt valuations were stretched he's okay trimming and sitting on cash earning 5%.