If you own the entire company it's easier to weather market downturns. BRK prefers to own the entire company so they can allocate capital to the sectors than need it.
Yes but all those 76% where bought at what he believes were great / reasonable prices. So it's not like he spent 76% of the money at the peak and now has 34% waiting for the bottom.
I see it more like. "here I am with all this cash and there is nothing fairly priced to buy now but soon I might be getting great companies at discount prices".
Doesn't matter. It's equivalent to buying 76% today.
It is only equivalent if the market has infinite liquidity. At 300B, you have execution issue to convert them to cash.
No, it’s not because you will judge how well he does by his ROI and it makes a huge difference at what price he bought.