>He guessed wrong on the election? And what does he do now? It seems unlikely he repurchased BRKB when it dipped below $440 recently (before the election)<<

Please. Enough! Buffett doesn't "guess elections". He never has in his entire career. Sure, he suspects tax rates could rise in coming years due to revenue shortfalls and historic debt levels.

So what IS Buffett doing? The same thing he's done the past 50 years--determine risk/reward.

Does anyone notice the present CASH yield is higher than the S & P EARNINGS yield, and more than triple the stock DIVIDEND yield? Is it crazy to have 1/3 of your company getting a risk-free yield TRIPLE the stock earnings yield? With total optionality? While banking 3 times more income than stocks pay out?

The stock market is very high by ANY measure, rising rates make the Hurdle rate ever HIGHER.

Buffett is a value investor. This is simple stuff.