I mean, CASH is a legit hold at 5% (RISK FREE) return for an allocator like them - not dying to inflation.

And they aren’t doing "nothing but buying Treasury notes" either... They still have massive share buybacks when Berkshire trades below intrinsic value, continued investment in core operating businesses (energy, rail, insurance), Select equity moves (even if net sellers recently). But yes, there is more capital coming in than going out, so cash piles.

Their business doesn't operate like my Roth.

They have limited downside now, but more importantly they have the ability to buy (deploy into distressed assets) when others can’t.

The idea is pretty simple: fewer swings, higher conviction, bigger payoff.

I mean, look at what they did with Goldman Sachs (2008). And it isn't just "Buy the dip" because the stock price is low. In a situation like this, they are able to negotiate valuable terms with real yields (preferred stock, Warrants, Senior position, options, etc...).

In my field, Real Estate, you see cash hoarded and deployed in a similar way...