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Berkshire Buffett Cash Pile & Market Overweight Bonds!
1) $BRK Q2 2023 cash pile via 10Q:
- Q2 cash pile increased to $147.38 billion close to the record and materially higher than the $130.62 billion from Q1
- 87% (127/147 billion) of the total $147 billion cash pile = TREASURIES
- Recently said they are buying as many short term 3/6-month treasuries as possible each Monday ...
- Buffett said some quarters ago that he would have bought more $AAPL Apple but price went too high too fast ... he does not mind the price dropping currently I am quite sure ...
2) Flows baby flows: bonds & cash keep attracting loads of capital!
- once the FED eases, that = dry powder for equities given that bonds/MM funds will pay less and less ...
- while for now bonds good risk/return? right? ...
3) BofA institutional investors survey:
- they are overweight in bonds for the first time since the Global Financial Crisis which climaxed in 2009, at which point fixed income was outperforming
- Now, they are following the logic of mean reversion and loading up with bonds after 18 months of historically terrible performance:
4) Money Market assets = record high at $5.5 trilliones
Thoughts?
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