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However, as before cash taxes vs the GAAP provision is a matter of timing differences. The timing is only a big deal if there is a lot of time value to money (which has to do with prevailing interest rates, availability of investments at which capital can be deployed at and the like).

Well stated TransverseSlice, and usually not appreciated.

Unless the tax difference between book due and current paid can earn good money, either through being invested in equities/businesses or by earning good interest rates, the impact - taking into account inflation and the time value of money - the impact is pretty small.

Especially when you already have over $100 billion to be invested, and more coming each month.

The issue to focus on with Berkshire is the ability to put money to work - not its availability.

That's where discussion needs to be focused.
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