It is rather dizzying how large of a slice of the Berkshire pie cash has become. I'm not in a dissimilar boat. There aren't many compelling securities, and I've been ok with being in a larger cash position...

Similar here.
I have been lucky that interest rates have been non zero this last couple of years...that takes a little of the sting out of it.

I've topped that up by using (but not using up) the cash to secure some put options I've written. It hasn't been TOO hard to find things that I'd buy if the price were right, and get (say) 8%/year (in addition to the interest I'm earning) for committing to being willing to buy at those levels. Nothing has been assigned, but the income from the premiums and the account interest has added up to a decent return.

I've also had more luck by having moved the cash out of USD a year ago, saving a 10% drop, and by some of my equity picks having done much better than I had any right to expect. Presumably I will soon see a year that everything I own turns to dust.

Jim

Berkshire Hathaway FAQ

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