Totally, 150%, this!
Not to pick on Blake, but I thought it ironic that he states everything is expensive, and then when asked about Fairfax, states he hadn't looked at it.
I havent had less than 120% long exposure since I started investing. If I ever start getting down to 100% exposure, let alone a cash balance, that means I NEED to be looking at EVERYTHING, relentlessly, until I find something. Because as you said, thats the thing, theres ALWAYS something, you just gotta find it. There was soooo much value and opportunity over the past 2-3 years. People who missed it just got caught up in the headlines.