Berkshire clearly thinks the risks are on the downside and they act on this thesis. Whether it will prove genious risk management or failure to appreciate the "new normal" will transpire sooner or later.
Buffett said it's partly tax motivated <a href="https://www.youtube.com/watch?v=9fQwp4UHZHQ" rel="nofollow">https://www.youtube.com/watch?v=9fQwp4UHZHQ</a> about 5 minutes in.<p>Also<p>>... the cash position I think, when I look at the alternative of what's available in the equity markets and I look at the composition of what's going on in the world we find it quite attractive.