alt Hacker News> Berkshire Hathaway just reported a record $397.4 billion in cash and T-bills, 59% of its investable portfolio.
Isn't that just lazy?
Even if the market is overheated, there will be opportunities in non-overheated areas/other countries/distressed companies etc?
Unless they are sure of a crash and need funds to buy on the cheap.
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I rather doubt the folks at Berkshire are sitting on their thumbs or playing golf all day and just forgot to buy anything. It's a measure of discipline, they won't invest in something without a good margin of safety. They'd rather miss out on a lot of good opportunities than pile money into bad (or even mediocre) ones.
From 2000-2002, Buffet kept liquidity and ended up buying companies like Moody’s and private businesses.
You might find some areas to criticize Berkshire Hathaway but I don't see being lazy as one of them. This is one of the most successful investment companies of all time and they got that way by being better than most at judging when the right time to get in and get out of the market, and by putting in the work on researching where/when to buy.
Might there be opportunities they miss? I'm sure there will be, but perhaps finding those is just too risky at the moment, so they've looked at the options and decided not to invest.