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And, FWIW, I was just re-watching the 2017 Berkshire annual meeting, and Buffett seems convinced that more favorable (cheaper) market conditions are likely sooner than later.

I certainly do not disagree. I would guess that we are due or overdue for a market correction, and that it is a good time to build up some dry powder. I just do not see that the conditions are present that existed in 2000 and 2007.

It merely seems to me that t will take a few more years for that sort of general stupidity that created the tech and real estate bubbles to emerge.

I also, like to watch what Buffett does, and he has obviously been rapidly building cash fir the last 2 years (with one notable $20 Billion exception).

Perhaps more ominous is that T&T are not taking new positions. Nothing wrong with hunkering down with their current positions of course (not exactly trashing the market), but curiously no indication that WEB is increasing their current allocations.
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