Purely valuation based. The price seemed high enough that odds favoured raising cash for a while.

I did nothing today as well [relative to the market], other than to keep an eye on the radically moving BRK price and the absence of related commentary on this board since the price began its dramatic rebound about noon. I did glance at recent BRK price movement, noticing that by market close today it had only gained a paltry 3.6% over the past 9 days ... down a full 2.0% from its remarkable closing high two days ago.

While all this local commotion is disturbingly fascinating, these BRK price changes over varying time-frames are at least somewhat comforting:

1-mo + 6.7%
3-mo +13.2%
6-mo +15.0%
12-mo +34.5%
2-yr +15% cagr
4-yr +17% cagr
8-yr +15% cagr
15-yr +15% cagr

It's noticeable that the past year has been extraordinary, perhaps justifying the cautionary actions taken by some. But the longer term performance of both the business and its price is reassuring to me, as I prepare myself for enduring what's hopefully a relatively near-term correction.

Admittedly, I'm not up for all the sophisticated investment activity enjoyed by many here. But as long as most knowledgeable investors on this board and elsewhere remain positive on BRK for the long-haul, I'm into remaining steadfast.

Thanks to all for your ongoing assistance.

Tom