Post #20389 by AdrianC on the Berkshire Hathaway board

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

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So, "holding that much cash during a sustained bull run" is precisely what the smartest portfolio manager would do, particularly during what seems to be the later stages of a bull run. The seem to be complaining about management doing what makes most sense.

And to be fair, Berkshire has only held much-more-than-usual cash for the last two years.

Consider this ratio:

(Cash + Fixed - Float)/Assets:

Same ratio in 2000: 7%

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