Casey

sold T, nibbled on V, ROP, MSFT

Every time bitcoin goes up, people act like the price suddenly got more logical and they're a genius for having their name listed on 1 slot of a magic distributed internet list. Not only that - you're the fool for not wanting to pay $13,000 to take their place! Let them stay on the list.

Yep. I still own a lot of Berkshire, but have been selling (I think its about 20% of portfolio right now). They're accumulating so much cash while just kinda nibbling on bank stocks for the last couple years. Not really their fault. Possible actions that will have an impact at their size is a pretty constrained universe. Although why aren't they buying back more shares? What I ended up asking myself is why stay in that constrained BRK universe? It's a nice, conservative way to grow at 10-12% a year. Meanwhile anything in payments and/or technology is going up 20% a minute. Probably a sign that the market has topped and I'm dumb for selling BRK, but hey.

It seems like he made clear in the annual letter that the cash levels and not buying all that much during the Q4 drop was a market call. Something about the value of high quality businesses being "sky high". Perhaps that's just saving face, though. If the market is 20-25% lower in 2020 then, no, I don't think this was Buffett's AT&T moment. If things just go churning on upwards and Berkshire underperforms the S&P by a few points each year, then yeah. Basically, this could be an AT&T moment, but who can tell without hindsight. About 40 or 50% of my portfolio has been in Berkshire for a while... just for context/disclosure.