I’m not surprised by the quarterly results. Having $60 billion or so on hand right now for deployment is not huge. Maybe enough for one decent elephant sized acquisition and a handful of quality equities on sale, a few buybacks with the leftovers, and then rebuild the coffers with ongoing cash flow. We very well may be entering a recession next year as things begin to bite, so another leg down in this market is not altogether off the table at this point. We’ll be glad to have that cash ready to go when that happens. Patience grasshopper.
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