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I have been a bit nervous looking at the market's amazing run for the
last 1.5 years or so, particularly since it looks very
overvalued by historical standards. While this is obviously not true for
Berkshire, I would like to know your opinion of taking some profits off
the table for now in order to re-enter later, particularly as the price
approaches 150,000 where it should face some resistance. (I am not a TA
guy by any means but this looks obvious given the price history.)

My BRK investments have been fairly aggressive as I really liked Jim's
idea of long dated deep in the money call options. I didn't get in at the
really great times in 2011 but have done quite well, particularly on the
80 strike '14 calls (by far my most aggressive strike - most is in
strikes from 60-75 with a '15 expiry and some is in actual shares).

I know this goes against the entire notion of not timing the market and
I know I am taking the risk of get flamed for sacrilege but just wanted
to get your views on this given my strong gut feeling that the overall
market is getting a bit like 1999-2000, particularly as relatively
unprofitable firms like Netflix or Amazon are doing so much better than
profitable ones like Apple (or, indeed, BRK which I think is probably
still undervalued).
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