Seems Warren Buffett is ~33% in cash. Is there an index of cash positions of bellwether investors?
Could you use such an index to estimate the *confidence* in the trajectory of the stock market?
Seems like a better measure than a trailing volatility measure.
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how much of a factor is tax planning in this allocation? is cash the best hedge for increased volatility in stocks?
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I don't actually know anything about how big institutional funds do tax planning. I suppose it depends on how much of their funds are in retirement/tax-deferred vehicles etc.
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it would be interesting to find a study on this for Warren Buffett

