No. of Recommendations: 3
I don't think you read my entire post. The most important point was asymmetric risk.
Well, it was a long post :-)
What is the upside of T-Bills? Virtually nil.
Agreed. Optionality. Disagree that [The cash] earns a meaningful return while Berkshire waits.
It hopefully will keep pace with inflation.
What is the downside of SPY? essentially 99.9% of the market risk.
Asymmetric risk is the most important consideration.
Sure, but the risk comparison is not T-Bills versus SPY, it's Berkshire vs SPY, yes? Single stock vs the US market of stocks.
