NoMoreNicksLeft parent
If there was ever a stock to invest in where the investors are satisfied for management to carefully do nothing, wouldn't it be Berkshire? Will they automatically go nutso-stupid once Buffet is gone? It's not exactly like it's a day-trader stock, the share price went from merely ridiculous to absurd-beyond the last few decades.
You'd think, but while I was looking for the video I mentioned, I found one of their conferences from ~2022 with audience questions like "omg omg you've got huge cash reserves GIVE IT TO SHAREHOLDERS WHEN?? GIMME GIMME <money_mouth_emoji>" and Buffet gave the answer even I could have predicted: "we want cash reserves for the next market crash, whenever that is. If a big company gets into debt trouble, there aren't many people they can pick up the phone and call who could do a $50 - $100 billion deal like Berkshire can".
I can't imagine how often he's repeated "We want enough cash to be able to buy something, and we're waiting until something is cheap" over the last 40 years, but people going to their investor conferences don't all seem to have internalised it.