Buffett has dealt with the issue of cash piling up as he waits to strike, but never at this size. He hasn’t had a major acquisition in several years.
Even as polls suggest most of the crowded Democratic field could beat Trump in the 2020 elections, the reigning Bond King would short them all.
If you thought stock-market investors were irrationally exuberant, you should take a look at the behavior of those in the global bond market.
This sustained period of exuberance means that it will take more than just a day or two of market drops to work off the excess optimism.