It is fascinating to see Buffett describe $43 billion in cash as a "not happy" position simply because he couldn't find a high-quality business to buy. He even compared himself to a farmer trying to motivate his hens by showing them an ostrich egg—a "small sample of what the competition is doing". Between his massive currency hedge and his frustration with "nose-bleed valuations," do you think his caution was a masterclass in discipline or a missed opportunity during a recovery year?