1/ Buffett thinks of cash as a call option with no expiration date, an option on every asset class, with no strike price. It's not a free option though.
"The worst investment you can have is cash. Cash is going to become worth less over time. Cash is a bad investment over time."
2/ "Cash does not make us happy." Buffett in the 1998 BRK letter.
"Charlie and I will continue our search for large equity investments or, better yet, a really major business acquisition that would absorb our liquid assets. Currently, however, we see nothing on the horizon."
3/ "Holding cash is uncomfortable, but not as uncomfortable as doing something stupid.”
"There will be some incident, it could be tomorrow. Cash at that time is like oxygen. When you don't need it, you don't notice it. When you do need it, it's the only thing you need." Buffett
4/ "It takes character to sit with all that cash and do nothing. I didn’t get to where I am by going after mediocre opportunities. There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash – I don’t want to go back.” CM
5/ "If we have cash, it’s because we haven’t found anything intelligent to do with it that day, in the way of buying into the kind of businesses we like. And when we can’t find anything for a while, the cash piles up. But that’s not through choice." Warren Buffett
6/ "We're trying to find intelligent things to do with a torrent of surplus cash. If we find things that are intelligent to do, we do it. And if we don't find anything, we'll let the cash build up. What the hell's wrong with that?” Charlie Munger
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