No. of Recommendations: 5
Consider: as recently as end 2024, cash as a percent of total assets was actually below the median level of that same metric over the prior 12 year ends. The subsequent rise beyond that "normal" level is very big, but it's all recent, and in effect all due to stock sales. We might all be in the dark on our guesses of the exact reason(s) for that move--general dislike of valuations, falling fondness for some existing positions, sidestepping taxes on unrealized gains, being ever more prepared for disaster, positioning for a possible buyout of some crazy whale--but it was an active and purposeful move. Management didn't "let" it happen, they did it.
This! ^ Thanks Jim.
It's a feature, not a bug.
