Post #11147 by rayvt on the Berkshire Hathaway board

Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A)

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I'm trying to understand the reasoning here. How is it good to "protect the gain" of $280k by moving it into T-bills, but to not move the $1M into T-bills?

It is a logical fallacy. A very common logical fallacy. Which I don't remember the name of.

Same fallacy as "playing with the house money" after a gambling win. Treating money differently depending on where it came from. There is, of course, no difference between the $1M and the $280K -- it's all your money.

After thinking about it for a few days, I realized that it's stupid. A dollar bill does not know where it came from.

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