Berkshire Hathaway has $340 billion in cash and cash equivalents. Media speculation indicates that the sidelined funds signal Warren Buffett’s belief that corporations are presently overvalued.
Without presuming to know the precise thinking of one of the world’s greatest investment minds, it’s better to focus on the smaller truths of Berkshire’s cash stash. Specifically, it eviscerates the popular neo-Austrian School view that all-powerful banks, seemingly for being banks, multiply money into worthlessness…
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John Tamny is Founder and President of the Parkview Institute, editor of RealClearMarkets, senior fellow at the Market Institute, and Senior Economic Adviser to mutual fund firm Applied Finance Group. Tamny is the author of eight books. His latest is The Deficit Delusion: Why Everything Left, Right and Supply-Side Tell You About the National Debt Is Wrong. His others are Bringing Adam Smith Into the American Home: A Case Against Home Ownership, The Money Confusion, When Politicians Panicked: The New Coronavirus, Expert Opinion, and a Tragic Lapse of Reason, Popular Economics, Who Needs the Fed?, The End of Work, and They're Both Wrong: A Policy Guide for America's Frustrated Independent Thinkers.
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