Buffett is sitting on more cash than the total FUM of Platinum and Magellan combined ($50bn). It's a huge drag on performance and the only way he's going to be able to put that sort of cash to work is if we have a financial crisis every five years. Time to start giving some back to Berkshire shareholders.


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James Marlay

Steve we noticed a lot of fund managers and particularly those who identified themselves as value investors had been running higher cash balances for a period of time this year. They cited market or more specifically stock valuations as the main driver of this position. As a value investor yourself have you found the slow grind higher has impacted your own cash weightings in this cycle more than previous recoveries?