CINXE.COM

<!doctype html> <html lang="en" data-reactroot=""><head><link as="script" href="https://www.afr.com/afx_prid/2023.10.16.1/auth/ps/p202310161.js?lcsid=D3377D70-045F-4C2C-B07F-C88533E87E67" rel="preload"/><script>var afx_start = Date.now();</script><script src="https://www.afr.com/afx_prid/2023.10.16.1/auth/ps/p202310161.js?lcsid=D3377D70-045F-4C2C-B07F-C88533E87E67"></script><meta content="text/html; charset=utf-8" http-equiv="Content-Type"/><meta content="width=device-width, initial-scale=1.0" name="viewport"/><title data-rh="true">Warren Buffett cash hoard warning</title><link href="//api.ffx.io" rel="dns-prefetch"/><link href="//api.afr.com" rel="dns-prefetch"/><link href="//static.ffx.io" rel="dns-prefetch"/><link href="//www.googletagmanager.com" rel="dns-prefetch"/><link crossorigin="anonymous" href="https://adservice.google.com" rel="preconnect"/><link crossorigin="anonymous" href="https://buy-au.piano.io" rel="preconnect"/><link crossorigin="anonymous" href="https://c2-au.piano.io" rel="preconnect"/><link crossorigin="anonymous" href="https://partner.googleadservices.com" rel="preconnect"/><link crossorigin="anonymous" href="https://securepubads.g.doubleclick.net" rel="preconnect"/><link crossorigin="anonymous" href="https://tpc.googlesyndication.com" rel="preconnect"/><style> @font-face { font-display: swap; font-family: sueca_hd_regular; font-style: normal; font-weight: normal; src: url('/fonts/suecahd-regular-webfont.woff2') format('woff2'), url('/fonts/suecahd-regular-webfont.woff') format('woff'); } @font-face { font-display: swap; font-family: sueca_hd_regular; font-style: italic; font-weight: normal; src: url('/fonts/suecahd-regularitalic-webfont.woff2') format('woff2'), url('/fonts/suecahd-regularitalic-webfont.woff') format('woff'); } @font-face { font-display: swap; font-family: sueca_hd_regular; font-style: normal; font-weight: bold; src: url('/fonts/suecahd-bold-webfont.woff2') format('woff2'), url('/fonts/suecahd-bold-webfont.woff') format('woff'); } @font-face { font-display: swap; font-family: suecanano_regular; font-style: normal; font-weight: normal; src: url('/fonts/suecanano-regular-webfont.woff2') format('woff2'), url('/fonts/suecanano-regular-webfont.woff') format('woff'); } @font-face { font-display: swap; font-family: suecanano_regular; font-style: normal; font-weight: bold; src: url('/fonts/suecanano-semibold-webfont.woff2') format('woff2'), url('/fonts/suecanano-semibold-webfont.woff') format('woff'); } @font-face { font-family: arial; src: local(arial); size-adjust: 105%; } /* assets/StandardArticleTemplate.2b1415285179efdd1e1f.chunk.css */ #ReferendumDescription { font-size: 14px; }#ReferendumLastUpdated,#ReferendumSource { font-size: 12px; }#StateElectorate [role=gridcell]:nth-of-type(2),#StateElectorate [role=gridcell]:nth-of-type(4) { font-weight: 400; }#SeatsWonChartBars div { font-size: 14px; }@keyframes _58e73960b7f735cdfa5f{0%{opacity:0;transform:translatey(10%)}to{opacity:1;transform:translatey(0)}}@keyframes _1d7a7bbbc967f54925fc{0%{bottom:5%}50%{bottom:4.5%}to{bottom:5%}}@keyframes _2d68a04bda0a6da74e11{0%{visibility:visible}99%{visibility:visible}to{visibility:hidden}}@keyframes _937e8c305ade518c5b67{0%{opacity:1;transform:translatey(0);visibility:visible}99%{opacity:0;transform:translatey(0);visibility:visible}to{opacity:0;transform:translatey(10%);visibility:hidden}}@keyframes _593e60b13f05bdc81a58{0%{opacity:0;visibility:hidden}1%{opacity:0;visibility:visible}to{opacity:1;visibility:visible}}@keyframes ec7952aaa4717e09d16b{0%{opacity:1;visibility:visible}99%{opacity:0;visibility:visible}to{opacity:0;visibility:hidden}}@keyframes _2aad0b906abd67d32ae3{0%{opacity:0;transform:translatey(10%)}to{opacity:1;transform:translatey(0)}}@keyframes e8b36b662ad45e5671a7{0%{bottom:5%}50%{bottom:4.5%}to{bottom:5%}}@keyframes _180ae989ebbe963e1932{0%{visibility:visible}99%{visibility:visible}to{visibility:hidden}}@keyframes _763b00f1a1bf6db59434{0%{opacity:1;transform:translatey(0);visibility:visible}99%{opacity:0;transform:translatey(0);visibility:visible}to{opacity:0;transform:translatey(10%);visibility:hidden}}@keyframes _65cf7dcf65fb3481beb6{0%{opacity:0;visibility:hidden}1%{opacity:0;visibility:visible}to{opacity:1;visibility:visible}}@keyframes _197f2c1332c604f23f66{0%{opacity:1;visibility:visible}99%{opacity:0;visibility:visible}to{opacity:0;visibility:hidden}}@keyframes _9bc7a4212bdd187c6e13{0%,to{border-color:#0f6cc9;background-color:#0f6cc9}5%{border-color:transparent;background-color:#cce8fa}90%{border-color:transparent;background-color:#cce8fa}}@keyframes a6cad24ffaa2cfb2b974{5%{color:#0f6cc9}90%{color:#0f6cc9}}@keyframes cef32ded61e2a6684979{0%,to{margin-top:0}5%{margin-top:-40px}90%{margin-top:-40px}}@keyframes _6bb69eac20ab5a58d641{0%{margin-top:0}to{margin-top:-12px}}@keyframes _1720634075fcc42233ba{0%{opacity:0;transform:translatey(10%)}to{opacity:1;transform:translatey(0)}}@keyframes _035fa712da030cfd5fdf{0%{bottom:5%}50%{bottom:4.5%}to{bottom:5%}}@keyframes b9272b12a10f13321c10{0%{visibility:visible}99%{visibility:visible}to{visibility:hidden}}@keyframes dd6b17f911513a0161e6{0%{opacity:1;transform:translatey(0);visibility:visible}99%{opacity:0;transform:translatey(0);visibility:visible}to{opacity:0;transform:translatey(10%);visibility:hidden}}@keyframes _2638fb40c31dacefe681{0%{opacity:0;transform:translatey(10%)}to{opacity:1;transform:translatey(0)}}@keyframes _2f425a43ae70e2e8a4f5{0%{bottom:5%}50%{bottom:4.5%}to{bottom:5%}}@keyframes _5691f8b073dfe6c3b231{0%{visibility:visible}99%{visibility:visible}to{visibility:hidden}}@keyframes _1ca2cd3604623898669a{0%{opacity:1;transform:translatey(0);visibility:visible}99%{opacity:0;transform:translatey(0);visibility:visible}to{opacity:0;transform:translatey(10%);visibility:hidden}} /* assets/client.c10486cb4396e2fefd22.css */ svg[aria-label=Twitter] { width: 22px;height: 22px; }#subscribe-button-piano-id { max-width: 175px; }:where(html) { line-height: 1.15;-webkit-text-size-adjust: 100%;text-size-adjust: 100%; }:where(h1) { font-size: 2em;margin-block-end: .67em;margin-block-start: .67em; }:where(dl,ol,ul) :where(dl,ol,ul) { margin-block-end: 0;margin-block-start: 0; }:where(hr) { box-sizing: content-box;color: inherit;height: 0; }:where(abbr[title]) { text-decoration: underline;text-decoration: underline dotted; }:where(b,strong) { font-weight: bolder; }:where(code,kbd,pre,samp) { font-family: monospace,monospace;font-size: 1em; }:where(small) { font-size: 80%; }:where(table) { border-color: currentColor;text-indent: 0; }:where(button,input,select) { margin: 0; }:where(button) { text-transform: none; }:where(button,input:is([type=button i],[type=reset i],[type=submit i])) { -webkit-appearance: button; }:where(progress) { vertical-align: baseline; }:where(select) { text-transform: none; }:where(textarea) { margin: 0; }:where(input[type=search i]) { -webkit-appearance: textfield;outline-offset: -2px; }::-webkit-inner-spin-button,::-webkit-outer-spin-button { height: auto; }::-webkit-input-placeholder { color: inherit;opacity: .54; }::-webkit-search-decoration { -webkit-appearance: none; }::-webkit-file-upload-button { -webkit-appearance: button;font: inherit; }:where(button,input:is([type=button i],[type=color i],[type=reset i],[type=submit i]))::-moz-focus-inner { border-style: none;padding: 0; }:where(button,input:is([type=button i],[type=color i],[type=reset i],[type=submit i]))::-moz-focusring { outline: 1px dotted ButtonText; }:where(:-moz-ui-invalid) { box-shadow: none; }:where(dialog) { background-color: #fff;border: solid;color: #000;height: -moz-fit-content;height: fit-content;left: 0;margin: auto;padding: 1em;position: absolute;right: 0;width: -moz-fit-content;width: fit-content; }:where(dialog:not([open])) { display: none; }:where(summary) { display: list-item; }blockquote,body,button,fieldset,figure,h1,h2,h3,h4,h5,input,li,ol,p,ul { padding: 0;margin: 0; }button { color: inherit;cursor: pointer; }fieldset { border: 0; }*,:after,:before { box-sizing: border-box; }body { color: #111;font-family: sueca_hd_regular,georgia,times,serif;font-size: 1.125rem;line-height: 1.3;background-color: #fff;overflow-x: hidden; }[id*=adspot] { height: auto;max-height: none;padding-left: 0;margin: 0; }@media (max-width:767px) {[id*=adspot-300x600_300x250_160x600-pos] { min-height: 250px; }[id*=adspot-300x][id$=-mobile],[id*=adspot-320x][id$=-mobile] { min-height: 50px; }[id*=adspot-728x90-pos] { display: none !important; }}@media (min-width:768px)and (max-width:1019px) {[id*=adspot-728x90-pos] { min-height: 90px; }}@media (min-width:1020px) {[id*=adspot-970x250_728x90-pos] { min-height: 90px; }}@keyframes daac032e78f57e937933{0%{transform:translatey(100%)}to{transform:translatey(0)}}@keyframes e9cdcffaa11621b4b0c9{0%{opacity:0;transform:translatey(10%)}to{opacity:1;transform:translatey(0)}}@keyframes efaf1fbc0c4f3a80049e{0%{bottom:5%}50%{bottom:4.5%}to{bottom:5%}}@keyframes _5bfa865db72bbbcbd34a{0%{visibility:visible}99%{visibility:visible}to{visibility:hidden}}@keyframes _2ffae7a26cf3e4a3cdbd{0%{opacity:1;transform:translatey(0);visibility:visible}99%{opacity:0;transform:translatey(0);visibility:visible}to{opacity:0;transform:translatey(10%);visibility:hidden}}@keyframes _0892d0c35d5ffe5bb2c4{0%{transform:translatey(-100%)}to{transform:translatey(0)}}@keyframes _5eb1a8a5e75ccc66d26d{0%{transform:translatey(0)}to{transform:translatey(-100%)}}@keyframes _35fe1dea6883e5c631a5{0%{height:auto;opacity:0;visibility:hidden}1%{height:auto;opacity:1;visibility:visible}99%{height:auto;opacity:1;visibility:visible}to{height:0;opacity:0;visibility:hidden}}@keyframes _6de35b24624e68d84119{0%{bottom:-100%}to{bottom:0}}@keyframes _9548b7626a84515bad04{0%{opacity:0}to{opacity:1}}@keyframes _670aae00c4cd88124470{0%{opacity:0;transform:translatey(20px)}to{opacity:1;transform:translate(0)}}@keyframes b308b5f5b88806e4e6f6{0%{opacity:0;transform:translatey(-20px)}to{opacity:1;transform:translate(0)}}@keyframes dacd2e42fe5702bb8f47{0%{opacity:0;transform:translate(20px)}to{opacity:1;transform:translate(0)}}@keyframes _7fa0ddb57421546468e7{0%{opacity:0;transform:translate(-20px)}to{opacity:1;transform:translate(0)}}@keyframes d85feb363a952d813ae8{0%{opacity:1;visibility:visible}1%{opacity:1;visibility:visible}to{opacity:0;visibility:hidden}}@keyframes c4a17b114e2c4a9f87a0{to{transform:rotate(1turn)}}@keyframes _991428653e1e0fe9f6d7{0%{opacity:0;visibility:hidden}1%{opacity:0;visibility:visible}to{opacity:1;visibility:visible}}@keyframes caaeecbf0c9bd92ca974{0%{opacity:1;visibility:visible}99%{opacity:0;visibility:visible}to{opacity:0;visibility:hidden}}@keyframes f143118ad23fc91eba82{0%{opacity:0;transform:translatey(10%)}to{opacity:1;transform:translatey(0)}}@keyframes _79b7b251ef885d6f5bba{0%{bottom:5%}50%{bottom:4.5%}to{bottom:5%}}@keyframes _911c4126e3b339b63105{0%{visibility:visible}99%{visibility:visible}to{visibility:hidden}}@keyframes a38e6cd6ed999b5b0044{0%{opacity:1;transform:translatey(0);visibility:visible}99%{opacity:0;transform:translatey(0);visibility:visible}to{opacity:0;transform:translatey(10%);visibility:hidden}}@keyframes _7e8ba81b710fe197fb64{0%{opacity:0;transform:translatey(10%)}to{opacity:1;transform:translatey(0)}}@keyframes _89f6ae5b9029350b49b8{0%{bottom:5%}50%{bottom:4.5%}to{bottom:5%}}@keyframes be84e689aa1d4e079e87{0%{visibility:visible}99%{visibility:visible}to{visibility:hidden}}@keyframes aabff56c6f9395cb69ae{0%{opacity:1;transform:translatey(0);visibility:visible}99%{opacity:0;transform:translatey(0);visibility:visible}to{opacity:0;transform:translatey(10%);visibility:hidden}}@keyframes _23ffa41a84874636e398{0%{opacity:0;visibility:hidden}1%{opacity:0;visibility:visible}to{opacity:1;visibility:visible}}@keyframes _7ece8c474abec8226394{0%{opacity:1;visibility:visible}99%{opacity:0;visibility:visible}to{opacity:0;visibility:hidden}}@keyframes e35ccf9b0f1501b10c5c{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes d34cde3a3592e09136e4{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes a2194a04c47a6ed81441{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes _198490587668b82ffa22{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes _10edfbd0155066e087c4{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes _52cca7818b0ae431fa43{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes _091f1d47b66ed6eff3db{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes a4535b2a0e6dc039f738{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes ee8fafbe15a32d8d217c{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes b61ab39eb9fa1503e01a{0%{opacity:0;transform:translatey(10%)}to{opacity:1;transform:translatey(0)}}@keyframes _6fdc94c9cfb3b20a9b2d{0%{bottom:5%}50%{bottom:4.5%}to{bottom:5%}}@keyframes _152daad0d116a56e606f{0%{visibility:visible}99%{visibility:visible}to{visibility:hidden}}@keyframes _52aa4210c281ae3a68b7{0%{opacity:1;transform:translatey(0);visibility:visible}99%{opacity:0;transform:translatey(0);visibility:visible}to{opacity:0;transform:translatey(10%);visibility:hidden}}@keyframes _6d39ea52e5bfac83ab6b{0%{opacity:0;visibility:hidden}1%{opacity:0;visibility:visible}to{opacity:1;visibility:visible}}@keyframes _3599fa500c8f70d46492{0%{opacity:1;visibility:visible}99%{opacity:0;visibility:visible}to{opacity:0;visibility:hidden}}@keyframes _169e2fcf87e57c478f95{0%,to{border-color:#0f6cc9;background-color:transparent}5%{border-color:transparent;background-color:transparent}90%{border-color:transparent;background-color:transparent}}@keyframes af60851dea6a27651611{5%{color:#0f6cc9}90%{color:#0f6cc9}}@keyframes _672b153a3f0677aa8320{0%,to{margin-top:0}5%{margin-top:-40px}90%{margin-top:-40px}}@keyframes dfd1d4df16dcba598327{0%{margin-top:0}to{margin-top:-12px}}@keyframes _82ab88e455122176876d{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes ba967d6062998b2d838e{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes cd3a17e01bbae4ce6a33{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes f1328b19278e04e3054c{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes _0866ff9dc5f20b7af0c4{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes e6ced2245af471e6e9ce{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes _1a98f29d030703615692{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes _108afc450f1e87c96abc{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes _0270b6850decf5df6a4f{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes d3ff6d65e2fdd8e969e4{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes df76d43a6dc4c800f87f{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes ddf86e57dacefe6ce7b0{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes _5e3b3fdab42cb5028f93{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes afc2553d40de1edb1a29{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}}@keyframes fbc93a5a425f1b0e58df{0%{opacity:1;transform:scale(1)}to{opacity:0;transform:scale(4)}} /* assets/StandardArticleTemplate.2b1415285179efdd1e1f.chunk.css */ .ea4a3a24a4e0527bdedd { margin-right: 32px; }.beb2a16855396a5a95bd { display: flex;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .75rem;list-style: none; }.afe60c583f6ed0a32731 { padding: 0;background: transparent;color: inherit;font-family: inherit;font-size: inherit;line-height: inherit;text-decoration: none;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out;border: none;border-bottom: 1px solid transparent;color: #0f6cc9;font-family: suecanano_regular,arial,lucida grande,sans-serif; }.afe60c583f6ed0a32731:active,.afe60c583f6ed0a32731:focus,.afe60c583f6ed0a32731:hover { border-bottom-color: #0f6cc9;outline: 0; }@media print {.afe60c583f6ed0a32731 { border-bottom-color: #d4d4d4;box-shadow: none;color: #111;text-shadow: none; }}._4d22830be8e035459d36 { padding-top: 12px;margin-right: 28px;color: #111;font-size: .75rem; }@media (min-width:1020px)and (max-width:1179px) {._4d22830be8e035459d36 { padding-bottom: 0;margin-bottom: 0;line-height: 1.6; }}@media (min-width:1180px) {._4d22830be8e035459d36 { padding-top: 0;padding-bottom: 16px;margin-right: 0; }}@media print {._4d22830be8e035459d36 { padding-top: 12px; }}._97f224ea82c75c120440 { animation: _65cf7dcf65fb3481beb6.5s cubic-bezier(.4,0,.2,1)0s forwards;position: relative;z-index: 6;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-style: normal;font-weight: 400; }._658fc1521f5561bd1c64 { position: absolute;top: 8px;right: 8px;width: 24px;height: 24px;border: none;background-color: transparent;color: #555;cursor: pointer;font-size: .8125rem; }._2b3ce025e5cbb6cec24c._2b3ce025e5cbb6cec24c { margin-bottom: 16px;color: #555;font-size: .875rem;line-height: 1.125rem; }@media (768px<=width<=1020px) {._2b3ce025e5cbb6cec24c._2b3ce025e5cbb6cec24c:not(._4caa6be900319bfd3106) { width: 400px; }}._53c90ec3429d93c7f693 { margin-bottom: 8px;color: #111;font-family: sueca_hd_regular,georgia,times,serif;font-size: 1rem;font-weight: 700; }._484bfbd8af6e9b38c490 { animation: _65cf7dcf65fb3481beb6.5s cubic-bezier(.4,0,.2,1)0s forwards; }@media (max-width:1019px) {._484bfbd8af6e9b38c490 { position: fixed;bottom: 0;left: 50%;display: flex;width: 100%;flex-direction: column;flex-shrink: 0;align-items: flex-start;padding: 24px 16px;background: #fff;transform: translate(-50%); }}._484bfbd8af6e9b38c490._6dac7bb70d5d5d8a771b { animation-duration: .23s;animation-fill-mode: forwards;animation-name: _180ae989ebbe963e1932;animation: _197f2c1332c604f23f66.2s cubic-bezier(.4,0,.2,1)0s forwards;z-index: -10;opacity: 0;visibility: hidden; }@media (min-width:1020px) {._484bfbd8af6e9b38c490 { position: absolute;z-index: 6;top: 16px;display: block;width: 374px;padding: 32px;background: #fff;box-shadow: 0 1px 3px 0 rgba(17,17,17,.32);visibility: visible; }._484bfbd8af6e9b38c490.ba22c1812d2b27916259 { width: 335px;padding: 40px 32px 32px; }._484bfbd8af6e9b38c490:before { width: 12px;height: 12px;box-shadow: 0 1px 3px 0 rgba(17,17,17,.32);inset: -6px auto -8px 30px;transform: rotate(45deg); }._484bfbd8af6e9b38c490:after,._484bfbd8af6e9b38c490:before { position: absolute;background: #fff;content: ""; }._484bfbd8af6e9b38c490:after { width: 20px;height: 20px;inset: 0 auto 0 26px;transform: rotate(90deg); }}@media (min-width:1180px) {._484bfbd8af6e9b38c490:before { inset: -6px auto -8px 42px; }._484bfbd8af6e9b38c490:after { inset: 0 auto 0 38px; }}.f6dfc6f770f1c16f22f5.f6dfc6f770f1c16f22f5 { font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .75rem;line-height: 1rem;text-decoration: none;transition: color.2s ease-in-out,background-color.2s ease-in-out,border-color.2s ease-in-out;font-weight: 700;text-transform: uppercase;border: 1px solid#0f6cc9;background-color: #0f6cc9;display: flex;width: 100%;min-width: 9.6875rem;height: 40px;align-items: center;justify-content: center;padding: 8px 12px;border-radius: 4px;color: #fff;font-size: .875rem;font-weight: 400;letter-spacing: .2px;text-shadow: none;text-transform: none; }.f6dfc6f770f1c16f22f5.f6dfc6f770f1c16f22f5:focus,.f6dfc6f770f1c16f22f5.f6dfc6f770f1c16f22f5:hover { border-color: #085194;background-color: #085194;color: #fff;outline: 0; }.f6dfc6f770f1c16f22f5.f6dfc6f770f1c16f22f5:visited { color: #fff; }@media (min-width:1020px) {.f6dfc6f770f1c16f22f5.f6dfc6f770f1c16f22f5 { max-width: 9.6875rem; }}._1c7a5940e3812685c336 { width: 100%;margin-top: 8px;font-size: .75rem;text-align: center; }@media (min-width:1020px) {._1c7a5940e3812685c336 { text-align: left; }}._1c7a5940e3812685c336 button { border: none;background: transparent;color: inherit;font-family: inherit;font-size: inherit;line-height: inherit;text-decoration: none; }._1c7a5940e3812685c336 button,._1c7a5940e3812685c336 button:active,._1c7a5940e3812685c336 button:focus,._1c7a5940e3812685c336 button:hover { text-decoration: underline; }.a71a4d6de44cce6ede61 { position: relative; }._1c1e2f676d0f5e7f7909 { display: flex;align-items: center;justify-content: center;border: none;background-color: transparent;color: #111;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .75rem;text-decoration: none;width: 44px;height: 44px;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out; }._1c1e2f676d0f5e7f7909:focus,._1c1e2f676d0f5e7f7909:hover { outline: 0; }._1c1e2f676d0f5e7f7909:hover { border-radius: 50%;background-color: #f5f5f5; }@media (min-width:768px) {._1c1e2f676d0f5e7f7909 { min-width: 144px;height: 40px; }._1c1e2f676d0f5e7f7909:hover { border-radius: 0; }}@media (min-width:1180px) {._1c1e2f676d0f5e7f7909 { width: 184px;margin-top: 8px;margin-right: 8px; }._1c1e2f676d0f5e7f7909,._1c1e2f676d0f5e7f7909:hover { border: 1px solid#d4d4d4; }._1c1e2f676d0f5e7f7909.a221e202d19465d876fb { width: 184px;border: 1px solid#d4d4d4;margin-top: 0;margin-right: 8px; }._1c1e2f676d0f5e7f7909.a221e202d19465d876fb:hover { border: 1px solid#d4d4d4; }}._0dc87a9321572a19974f { display: flex;width: 32px;height: 32px;align-items: center;justify-content: center;border-radius: 50%;font-size: 1rem;line-height: 1.6;text-align: center;transition: color.2s ease-in-out,background-color.2s ease-in-out,border-color.2s ease-in-out;width: 1.5rem;height: 1.5rem;margin-right: 4px;font-size: 1.5rem; }._3fbc02206dd8b1c74a7d { display: none;overflow: hidden;width: 40px;height: 28px;align-items: center;justify-content: space-between;padding: 4px;border-radius: 4px;background: rgba(204,232,250,.5);color: #333;font-size: .75rem;line-height: 1rem; }._2a6dc840ff6bc204ff53 { position: relative;display: flex;align-items: center; }@media (min-width:1180px) {._2a6dc840ff6bc204ff53 { flex-wrap: wrap; }}@media print {._2a6dc840ff6bc204ff53 { display: none; }}.f2e28b49563f8438da51 { width: 44px;height: 44px;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out; }.f2e28b49563f8438da51:hover { border-radius: 50%;background-color: #f5f5f5; }@media (min-width:768px) {.f2e28b49563f8438da51 { width: 88px;height: 40px;padding-right: 16px;padding-left: 16px; }.f2e28b49563f8438da51:hover { border-radius: 0; }}@media (min-width:1180px) {.f2e28b49563f8438da51 { margin-right: 8px; }.f2e28b49563f8438da51,.f2e28b49563f8438da51:hover { border: 1px solid#d4d4d4; }}@media (max-width:767px) {.a8795dddfcb83ad715dd { position: absolute;color: transparent; }._2cf565c341307d2efcfb._2cf565c341307d2efcfb { margin-right: 0; }}._7cd6d3a619318b4274cf { width: 44px;height: 44px;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out; }._7cd6d3a619318b4274cf:hover { border-radius: 50%;background-color: #f5f5f5; }@media (min-width:768px) {._7cd6d3a619318b4274cf { width: 88px;height: 40px;padding-right: 16px;padding-left: 16px; }._7cd6d3a619318b4274cf:hover { border-radius: 0; }}@media (min-width:1180px) {._7cd6d3a619318b4274cf { margin-right: 8px; }._7cd6d3a619318b4274cf,._7cd6d3a619318b4274cf:hover { border: 1px solid#d4d4d4; }}._6f92e836a27b20744e37 { position: relative;width: 177px;padding: 8px 16px;background: #fff;color: #111; }._6f92e836a27b20744e37:before { position: absolute;z-index: -1;bottom: -6px;left: 18px;width: 12px;height: 12px;background: #fff;box-shadow: 0 1px 3px 0 rgba(17,17,17,.32);content: "";transform: rotate(45deg); }@media (min-width:768px) {._6f92e836a27b20744e37:before { left: 21px; }}._31bc85dc254f4453daf4 { position: absolute;z-index: 1;bottom: calc(105% + 8px);left: 6px;box-shadow: 0 1px 3px 0 rgba(17,17,17,.32);font-size: .875rem;opacity: 1;transition: opacity.2s ease-out,visibility 0s linear 0s;visibility: visible; }@media (min-width:768px) {._31bc85dc254f4453daf4 { transform: none; }}._7cd6d3a619318b4274cf { position: relative;overflow: hidden; }@media (max-width:767px) {._2ccae20c023bf51c13bc { position: absolute;color: transparent; }}.e7555d2b8069d2639f43 { display: block;font-size: 1rem; }@media (min-width:768px) {.e7555d2b8069d2639f43 { font-size: 1.125rem; }}@media (min-width:1020px) {.e7555d2b8069d2639f43 { display: inline; }}._5adf27bd6b8da9822de9~._3bd8c88d1706a9f75b41 { max-width: calc(100% - 108px); }@media (min-width:1020px) {._5adf27bd6b8da9822de9~._3bd8c88d1706a9f75b41,._5adf27bd6b8da9822de9~._4586f4e03f8e3136c57a,._5adf27bd6b8da9822de9~.cf7e68400d4a2438fd54 { max-width: calc(100% - 252px); }}@media (min-width:1180px) {._5adf27bd6b8da9822de9~._3bd8c88d1706a9f75b41,._5adf27bd6b8da9822de9~._4586f4e03f8e3136c57a,._5adf27bd6b8da9822de9~.cf7e68400d4a2438fd54 { max-width: calc(100% - 284px); }}._3bd8c88d1706a9f75b41 { margin: auto 0 16px; }._693893ae55902f49ec3e { position: relative;display: flex;width: 100%;flex-wrap: wrap;padding: 24px 0 0;border-top: 6px solid#111;border-bottom: 1px solid#d4d4d4;margin: 8px auto 0; }@media (min-width:768px) {._693893ae55902f49ec3e { max-width: 720px;padding-top: 32px; }}@media (min-width:1020px) {._693893ae55902f49ec3e { max-width: none;flex-flow: column nowrap; }}@media (min-width:1180px) {._693893ae55902f49ec3e { padding-bottom: 0;margin-bottom: 32px; }}._4586f4e03f8e3136c57a { font-size: 1.6875rem;width: 100%;margin-bottom: 8px; }@media (min-width:768px) {._4586f4e03f8e3136c57a { font-size: 2.5625rem; }}@media (min-width:1020px) {._4586f4e03f8e3136c57a { font-size: 3rem; }}.cf7e68400d4a2438fd54 { margin-top: 8px;margin-bottom: 8px;color: #555;font-size: 1.125rem;line-height: 1.6; }@media (min-width:768px) {.cf7e68400d4a2438fd54 { font-size: 1.25rem; }}@media (min-width:1020px) {.cf7e68400d4a2438fd54 { max-width: calc(100% - 252px);margin-bottom: 32px;font-size: 1.25rem; }}@media (min-width:1180px) {.cf7e68400d4a2438fd54 { max-width: calc(100% - 284px); }}@media print {.cf7e68400d4a2438fd54 { width: calc(100% - 120px);padding-bottom: 8px;float: left; }}._0f7daf472713d311bf2d { position: relative;display: inline-block;margin-bottom: 8px;margin-left: 40px;color: #0f6cc9;font-size: 1.125rem;font-weight: 700;line-height: 1;text-decoration: none;text-transform: capitalize; }@media (min-width:768px) {._0f7daf472713d311bf2d { font-size: 1.5rem; }}._0f7daf472713d311bf2d:before { position: absolute;top: 7px;left: -40px;width: 32px;height: 1px;border-top: 1px solid#0f6cc9;content: ""; }@media (min-width:768px) {._0f7daf472713d311bf2d:before { top: 11px; }}._47207bf25e6443e48904 { width: 100%;margin-bottom: 24px;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: 1rem; }@media (min-width:1020px) {._47207bf25e6443e48904 { float: left; }}@media (min-width:1180px) {._47207bf25e6443e48904 { display: block;width: 220px;border-bottom: none;margin: 0; }}._7302278d284fb75d742b { width: 100%;margin-top: 2px;color: #111;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: 1rem; }@media (max-width:1179px) {._7302278d284fb75d742b { display: flex;align-items: center;justify-content: space-between; }}@media (min-width:1020px)and (max-width:1179px) {._7302278d284fb75d742b { width: 620px;margin-top: 0; }}@media (min-width:1180px) {._7302278d284fb75d742b { width: 220px;border-bottom: none;margin: 0; }}@media (max-width:1179px) {._7302278d284fb75d742b { align-items: flex-start; }}._716579094c3629694276 { padding: 0;background: transparent;color: inherit;font-family: inherit;font-size: inherit;line-height: inherit;text-decoration: none;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out;border: none;border-bottom: 1px solid transparent;color: #111;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .75rem; }._716579094c3629694276:active,._716579094c3629694276:focus,._716579094c3629694276:hover { border-bottom-color: #111;color: #111;outline: 0; }@media print {._716579094c3629694276 { border-bottom-color: #d4d4d4;box-shadow: none;color: #111;text-shadow: none; }}@media (max-width:767px) {._716579094c3629694276 { display: none; }}@media print {._716579094c3629694276 { display: none; }}._398b6c5e39701f15a1a2 { display: inline-block; }._36044141968e1bd374ad { position: absolute;top: -114px;left: 0;width: 100%;max-width: 360px;height: 156px;padding: 20px 24px;background: #fff;box-shadow: 0 1px 3px 0 rgba(17,17,17,.32);opacity: 0;visibility: hidden; }@media (min-width:768px) {._36044141968e1bd374ad { right: auto; }}._36044141968e1bd374ad:not(._3e3ca9d36ee96163c8c6) { animation: dd6b17f911513a0161e6.5s cubic-bezier(.4,0,.2,1)0s forwards; }._36044141968e1bd374ad:before { bottom: -6px;left: 24px;width: 12px;height: 12px;box-shadow: 0 1px 3px 0 rgba(17,17,17,.32);transform: rotate(45deg); }._36044141968e1bd374ad:after,._36044141968e1bd374ad:before { position: absolute;background: #fff;content: ""; }._36044141968e1bd374ad:after { top: auto;bottom: 0;left: 0;width: 100%;height: 16px; }._68a0aaec8563c4ef51f4 { display: none; }.bc0492bf9b8e5fb71d13 { display: flex;justify-content: space-between; }._49384332a793c955b66b { font-size: 1.125rem; }._468ffeeb6427c04f84d5 { font-style: italic;font-weight: 400; }._93240887e2462c628ba3 { color: #555;font-family: suecanano_regular,arial,lucida grande,sans-serif; }._93240887e2462c628ba3 { margin-top: 8px;margin-bottom: 16px;font-size: .875rem; }._95bd98cdf489fe730c57 { position: absolute;bottom: 30px;left: 24px;border: none;-webkit-appearance: none;-moz-appearance: none;appearance: none;background: #fff;color: #0f6cc9;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .875rem;text-decoration: none; }._95bd98cdf489fe730c57:active,._95bd98cdf489fe730c57:focus,._95bd98cdf489fe730c57:hover { text-decoration: underline; }.e58dfcd6cf980a62de76 { border: none;background: transparent;color: inherit;font-family: inherit;font-size: inherit;line-height: inherit;text-decoration: none;position: relative;width: 48px;height: 48px;margin-top: -20px;margin-right: -20px;margin-bottom: -4px;font-size: .875rem;line-height: 1;opacity: .6;text-align: right; }.e58dfcd6cf980a62de76:active,.e58dfcd6cf980a62de76:focus,.e58dfcd6cf980a62de76:hover { text-decoration: underline; }.e58dfcd6cf980a62de76>svg { position: absolute;top: 50%;left: 50%;transform: translate3d(-50%,-50%,0); }._53e6f7438fd4b3ebb501 { margin-bottom: 2px;margin-left: 8px;font-size: 1.5rem; }._15218da211d6f4c5255f { position: relative;left: -1px;display: none;padding: 0 16px;border: 1px solid#d4d4d4;border-radius: 0 16px 16px 0;background-color: transparent;color: #0f6cc9;font-size: 1rem;line-height: 0;outline: none; }._15218da211d6f4c5255f:focus { box-shadow: 0 0 0 2px#cce8fa; }._15218da211d6f4c5255f:hover { background-color: #0f6cc9;color: #fff; }._15218da211d6f4c5255f._905fb93e3b6dc15b1c8b { display: flex;align-items: center;justify-content: center; }._15218da211d6f4c5255f ._5895c5ebb63180c36896 { display: block; }._15218da211d6f4c5255f ._5bea1ac7b89646ed6e00 { display: none; }.bc0476e025feac6ac4eb { padding: 8px 16px;border: 1px solid#d4d4d4;border-radius: 16px;color: #0f6cc9;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .75rem;outline: none;text-decoration: none; }.bc0476e025feac6ac4eb:focus { box-shadow: 0 0 0 2px#cce8fa; }.bc0476e025feac6ac4eb._905fb93e3b6dc15b1c8b { border-radius: 16px 0 0 16px; }._4d9c0c9f27d811e89336 { position: relative;display: flex; }._6f9afe9cd6bab5edfc6f { padding: 0;background: transparent;color: inherit;font-family: inherit;font-size: inherit;line-height: inherit;text-decoration: none;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out;border: none;border-bottom: 1px solid transparent;color: #0f6cc9;font-family: suecanano_regular,arial,lucida grande,sans-serif; }._6f9afe9cd6bab5edfc6f:active,._6f9afe9cd6bab5edfc6f:focus,._6f9afe9cd6bab5edfc6f:hover { border-bottom-color: #0f6cc9;outline: 0; }@media print {._6f9afe9cd6bab5edfc6f { border-bottom-color: #d4d4d4;box-shadow: none;color: #111;text-shadow: none; }}@media (min-width:768px) {._90e2d0cc1a42aba31186 { position: relative; }}._4c49332e1e0ee4f0b19e { font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .875rem;text-transform: uppercase; }._452b0f7f7145a688fce7 { list-style-type: none; }.f43bc043349eb4a77968 { display: inline-block;margin: 16px 16px 0 0; }.e85e06e04a3e5e88de26 { position: relative;padding-top: 24px;margin-top: 24px; }@media (min-width:768px) {.e85e06e04a3e5e88de26 { margin-top: 24px; }}.e85e06e04a3e5e88de26:before { position: absolute;top: 0;left: 0;width: 140px;height: 4px;border-top: 1px solid#d4d4d4;background: #fff;content: ""; }@media print {.e85e06e04a3e5e88de26 { display: none; }}.a3b28a4f67a674b57863 { display: flex;justify-content: space-between;margin-top: 32px; }._9e5858bb5e9aa47354b4 { display: flex;align-items: center; }@media print {._9e5858bb5e9aa47354b4 { display: none; }}._225f0fe8e23da28b0820 { width: 44px;height: 44px;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out; }._225f0fe8e23da28b0820:hover { border-radius: 50%;background-color: #f5f5f5; }@media (min-width:768px) {._225f0fe8e23da28b0820 { width: 88px;height: 40px;padding-right: 16px;padding-left: 16px; }._225f0fe8e23da28b0820:hover { border-radius: 0; }}@media (min-width:1180px) {._225f0fe8e23da28b0820 { margin-right: 8px; }._225f0fe8e23da28b0820,._225f0fe8e23da28b0820:hover { border: 1px solid#d4d4d4; }}@media (max-width:767px) {._962aad1d44df97e30852 { position: absolute;color: transparent; }.c56ad3065bbcd656f85f.c56ad3065bbcd656f85f { margin-right: 0; }}@media (min-width:768px) {.a0e3684462f3204d64f9 { display: flex;height: 32px;align-items: center;margin-left: 16px; }}._04e6bb68b3e939a415da { display: flex;align-items: center; }@media print {._04e6bb68b3e939a415da { display: none; }}._1268f19c7f6065fd8869 { font-style: italic; }._186dabbfce29319d1749 { margin: 0 auto;clear: right; }@media (min-width:1020px) {._186dabbfce29319d1749 { width: 300px;margin-right: 0;float: right; }}.c4db7906c9a3e4f5ad8d { padding-top: 8px;border-top: 4px solid#111;margin-bottom: 48px; }@media (min-width:768px) {.c4db7906c9a3e4f5ad8d { margin-bottom: 48px; }}@media (min-width:1020px) {.c4db7906c9a3e4f5ad8d { max-width: 620px;padding-top: 16px;clear: both; }}@media (min-width:1180px) {.c4db7906c9a3e4f5ad8d { display: flex;max-width: 860px;justify-content: space-between;margin-right: 20px; }}@media print {.c4db7906c9a3e4f5ad8d { display: none; }}@media (min-width:1180px) {.c77a12318d3af6265277 { flex: 1; }}._272e370d498d1cd0444a { margin-bottom: 24px;line-height: 1.3; }@media (min-width:1180px) {._272e370d498d1cd0444a { width: 236px;padding-right: 24px; }}._21fa9dd40d4f27c475f6 { font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .875rem;line-height: 1; }._21fa9dd40d4f27c475f6,._21fa9dd40d4f27c475f6 a { font-weight: 700;text-transform: uppercase; }._21fa9dd40d4f27c475f6 a { padding: 0;background: transparent;color: inherit;font-family: inherit;font-size: inherit;line-height: inherit;text-decoration: none;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out;border: none;border-bottom: 1px solid transparent;color: #111;font-family: suecanano_regular,arial,lucida grande,sans-serif; }._21fa9dd40d4f27c475f6 a:active,._21fa9dd40d4f27c475f6 a:focus,._21fa9dd40d4f27c475f6 a:hover { border-bottom-color: #111;color: #111;outline: 0; }@media print {._21fa9dd40d4f27c475f6 a { border-bottom-color: #d4d4d4;box-shadow: none;color: #111;text-shadow: none; }}._21fa9dd40d4f27c475f6 a:visited { color: #111; }@media (min-width:1180px) {._21fa9dd40d4f27c475f6 { font-size: .875rem; }}@media (min-width:1020px) {._2eac835c85f8cf4346d3 { width: 100%;margin-right: 20px; }.b611c0993219661a90f4 { width: 300px; }._0fb15acc9dda7d9754ee { display: flex;width: 100%;justify-content: space-between;float: left; }} /* assets/client.c10486cb4396e2fefd22.css */ .dd6db77aa2c85e94be85 { display: inline-block;flex-shrink: 0;vertical-align: middle; }._91fe49228bf2e0c0875c:not(:first-child) { margin-left: 16px; }._0f50611058f61ed35b80 { border-radius: 4px;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .75rem;line-height: 1rem;text-decoration: none;transition: color.2s ease-in-out,background-color.2s ease-in-out,border-color.2s ease-in-out;font-weight: 700;text-transform: uppercase;border: 1px solid transparent;background-color: transparent;color: #fff;display: block;padding: 8px;border-radius: 50%;font-size: 1rem; }._0f50611058f61ed35b80:focus,._0f50611058f61ed35b80:hover { border-color: #03345d;background-color: #03345d;outline: 0; }@media (min-width:768px) {._0f50611058f61ed35b80 { padding: 12px; }}._3fc7877ab23ca3e7ee07 { display: flex;align-items: center;list-style: none; }@media (min-width:768px) {._3fc7877ab23ca3e7ee07 { flex-grow: 1;justify-content: flex-end;margin-top: 0; }}._11b9cd7baa133b143260 { padding: 24px 0 16px;background-color: #0f6cc9; }@media (min-width:768px) {._11b9cd7baa133b143260 { padding: 16px 0; }}._2265b0a22ed6230d3911 { position: relative;max-width: 600px;margin: 0 auto;display: flex;flex-direction: column;align-items: center;font-family: suecanano_regular,arial,lucida grande,sans-serif; }@media (min-width:768px) {._2265b0a22ed6230d3911 { max-width: 720px; }}@media (min-width:1020px) {._2265b0a22ed6230d3911 { max-width: 1024px; }}@media (min-width:1180px) {._2265b0a22ed6230d3911 { max-width: 1260px; }}@media (min-width:768px) {._2265b0a22ed6230d3911 { flex-direction: row; }}._87edd7e67faf16b75aa0 { display: block;max-width: 100%;fill: #fff; }._9296756bb4bbb35d74a9 { display: block;width: 164px;margin-bottom: 8px; }@media (min-width:768px) {._9296756bb4bbb35d74a9 { width: 216px;margin-right: 16px;margin-bottom: 0; }}@media (min-width:1020px) {._9296756bb4bbb35d74a9 { margin-right: 36px; }}.c04cac6c5c86f7a4f17f { margin-bottom: 8px;color: #fff;font-size: .75rem;line-height: 1; }@media (min-width:768px) {.c04cac6c5c86f7a4f17f { margin-bottom: 0; }}@media (min-width:1020px) {.c04cac6c5c86f7a4f17f { font-size: 1rem; }}._6dc49fa92bfae1d810bd { margin: 0 40px; }._9dcc97c6dac8c7322107 { margin: 0 20px;clear: both; }@media (min-width:768px) {._9dcc97c6dac8c7322107 { margin: 0 40px; }}.e5db2274ad6d79413861 { list-style: none;text-align: center; }@media (min-width:768px) {.e5db2274ad6d79413861 { display: flex;justify-content: space-between;text-align: left; }}._192e665a1aae62c17037 { line-height: 32px; }@media (max-width:767px) {._192e665a1aae62c17037 { margin-bottom: 8px; }}.f70b2183b2b41c660aea { display: flex;justify-content: center;gap: 16px; }._685246037ad1efb37346 { position: relative;max-width: 600px;margin: 0 auto;padding: 16px 0 40px;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .75rem; }@media (min-width:768px) {._685246037ad1efb37346 { max-width: 720px; }}@media (min-width:1020px) {._685246037ad1efb37346 { max-width: 1024px; }}@media (min-width:1180px) {._685246037ad1efb37346 { max-width: 1260px; }}@media (min-width:768px) {._685246037ad1efb37346 { border-top: 1px solid#d4d4d4; }}.bd15a66258f72061512f { background: #fff url(/assets/59babac3.svg);background-size: 5rem; }@media (prefers-color-scheme:dark) {.bd15a66258f72061512f { background-image: none; }}@media print {.bd15a66258f72061512f { display: none; }}._9076f71643d73912e3bf { position: relative;display: block;width: 100%;padding: 16px 0 14px;border: none;background: transparent;text-align: left; }._9076f71643d73912e3bf:active,._9076f71643d73912e3bf:focus,._9076f71643d73912e3bf:hover { outline: none;text-decoration: underline; }@media (min-width:1020px) {._9076f71643d73912e3bf { display: none; }}@media (min-width:768px) {._696231d7e49510b16349 ._9076f71643d73912e3bf { display: none; }}@media (max-width:1019px) {._6205d1d63308985ddef7 { display: none; }}@media (min-width:768px) {._696231d7e49510b16349 ._6205d1d63308985ddef7 { display: block; }}._23e190272fbb5126e982 { margin: 0;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .875rem;text-transform: uppercase; }@media (min-width:1020px) {._23e190272fbb5126e982 { margin: 0 0 12px; }}@media (min-width:768px) {._696231d7e49510b16349 ._23e190272fbb5126e982 { margin: 0 0 12px; }}@media (min-width:1020px) {._79420e95cb2a26337eb7 ._23e190272fbb5126e982 { display: none; }}._254b79295a3e6e5b788b { position: absolute;top: 18px;right: 20px;display: block;width: 12px; }@media (min-width:1020px) {._254b79295a3e6e5b788b { display: none; }}._1b4212a354bb02bc8991 { border-bottom: 1px solid#d4d4d4; }@media (min-width:1020px) {._1b4212a354bb02bc8991 { border-bottom: none;-moz-column-break-inside: avoid;break-inside: avoid-column; }}@media (min-width:768px) {._1b4212a354bb02bc8991._696231d7e49510b16349 { border-bottom: none; }}@media (min-width:1020px) {._79420e95cb2a26337eb7 { padding: 16px 0;border-top: 1px solid#d4d4d4; }}@media (min-width:768px)and (max-width:1019px) {._696231d7e49510b16349 { max-width: 200px;padding-top: 16px;margin-right: auto;margin-left: auto; }}.c37efbb64eb0fd97c70c { overflow: hidden;margin-bottom: 0;transition: height.2s ease-out,visibility 0s linear 0s;visibility: visible; }@media (min-width:1020px) {.c37efbb64eb0fd97c70c { height: auto !important;padding-bottom: 32px; }}@media (min-width:768px) {._696231d7e49510b16349 .c37efbb64eb0fd97c70c { height: auto !important;padding-bottom: 16px; }}@media (min-width:1020px) {._696231d7e49510b16349 .c37efbb64eb0fd97c70c { padding-bottom: 32px; }._79420e95cb2a26337eb7 .c37efbb64eb0fd97c70c { padding-bottom: 0; }}@media (max-width:1019px) {.c787831a3a34d7074a8d { transition: height.2s ease-out,visibility 0s linear.2s;visibility: hidden; }}@media (min-width:768px) {._696231d7e49510b16349 .c787831a3a34d7074a8d { visibility: visible; }}._1391d4196c0eddd9de78 { margin-bottom: 10.4px;list-style: none; }@media (min-width:1020px) {._79420e95cb2a26337eb7 ._1391d4196c0eddd9de78 { display: inline-block;padding-right: 20px;margin-bottom: 0; }}._3463ea58d98bb9d53d45 { padding: 0;background: transparent;color: inherit;font-family: inherit;font-size: inherit;line-height: inherit;text-decoration: none;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out;border: none;border-bottom: 1px solid transparent;color: #111;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-family: sueca_hd_regular,georgia,times,serif;font-size: .875rem; }._3463ea58d98bb9d53d45:active,._3463ea58d98bb9d53d45:focus,._3463ea58d98bb9d53d45:hover { border-bottom-color: #111;color: #111;outline: 0; }@media print {._3463ea58d98bb9d53d45 { border-bottom-color: #d4d4d4;box-shadow: none;color: #111;text-shadow: none; }}@media (min-width:1020px) {._79420e95cb2a26337eb7 ._3463ea58d98bb9d53d45 { font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .75rem; }}._3463ea58d98bb9d53d45[href="/newsfeed"] { display: inline;border-color: transparent;text-decoration: none; }._3463ea58d98bb9d53d45[href="/newsfeed"]:active,._3463ea58d98bb9d53d45[href="/newsfeed"]:focus,._3463ea58d98bb9d53d45[href="/newsfeed"]:hover { text-decoration: none; }._67956117f165a4cff93d { position: relative;display: none;color: #111;font-family: sueca_hd_regular,georgia,times,serif;font-style: italic;text-decoration: none; }@media (min-width:768px) {._67956117f165a4cff93d { display: inline-block; }}._67956117f165a4cff93d:active>span,._67956117f165a4cff93d:focus>span,._67956117f165a4cff93d:hover>span { border-bottom: 1px solid#111; }@media (min-width:768px)and (max-width:1019px) {._3c467a7d15a8ac230e01 { width: calc(50% - 10px);order: 1;border-top: 1px solid#d4d4d4; }}._9b672d30465cd6295657 { margin: 8px 20px 0; }@media (min-width:768px) {._9b672d30465cd6295657 { margin: 40px 40px 24px; }}@media (min-width:1020px) {._9b672d30465cd6295657 { margin-bottom: 0; }}.b58d27f1b7d352b3976f { position: relative;max-width: 600px;margin: 0 auto; }@media (min-width:768px) {.b58d27f1b7d352b3976f { max-width: 720px; }}@media (min-width:1020px) {.b58d27f1b7d352b3976f { max-width: 1024px; }}@media (min-width:1180px) {.b58d27f1b7d352b3976f { max-width: 1260px; }}@media (min-width:768px)and (max-width:1019px) {.b58d27f1b7d352b3976f { display: flex; }}@media (min-width:1020px) {.b256a1f349dc64df4b6b { max-width: 940px;padding-right: 40px;-moz-column-count: 4;column-count: 4;-moz-column-gap: 32px;column-gap: 32px; }._00de8c91e6e136ece2fe { clear: both; }}@media (min-width:768px)and (max-width:1019px) {._49cbbc8aa71a8684ce72 { width: calc(50% - 10px);order: 2;margin-left: 20px; }}@media (min-width:1020px) {._49cbbc8aa71a8684ce72 { width: 220px;padding-left: 16px;border-left: 1px solid#d4d4d4;margin-bottom: 32px;float: right; }}._3de369eafde855ccebe0 { min-width: 175px;padding-top: 2px; }._9db8990a164b29005d45 { padding: 0;background: transparent;color: inherit;font-family: inherit;font-size: inherit;line-height: inherit;text-decoration: none;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out;border: none;border-bottom: 1px solid transparent;color: #111;font-family: suecanano_regular,arial,lucida grande,sans-serif;line-height: 1.3; }._9db8990a164b29005d45:active,._9db8990a164b29005d45:focus,._9db8990a164b29005d45:hover { border-bottom-color: #111;color: #111;outline: 0; }@media print {._9db8990a164b29005d45 { border-bottom-color: #d4d4d4;box-shadow: none;color: #111;text-shadow: none; }}._2d28c075b8742ffab876 { position: absolute;z-index: 3;top: 0;left: -999px;display: block;overflow: hidden;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .8125rem;text-decoration: none; }._2d28c075b8742ffab876:active,._2d28c075b8742ffab876:focus { left: 0;width: 100%;padding: 4px;background: #0f6cc9;color: #fff; }._2d28c075b8742ffab876:focus { outline: thin dotted; }.cdef1394dbb706dbe5da { position: relative;z-index: 2;background-color: #fff; }@media (min-width:1020px) {.cdef1394dbb706dbe5da { padding-bottom: 44px;border-bottom: 0; }}.f11f47d611280602cd7e { width: 177px;margin: 16px auto; }@media (min-width:768px) {.f11f47d611280602cd7e { width: 282px;margin: 28px auto; }}@media (min-width:1020px) {.f11f47d611280602cd7e { width: 353px;margin: 32px auto; }}.f11f47d611280602cd7e svg { display: block;width: 100%;height: 21px; }@media (min-width:768px) {.f11f47d611280602cd7e svg { height: 32px; }}@media (min-width:1020px) {.f11f47d611280602cd7e svg { height: 40px; }}.f11f47d611280602cd7e svg path { fill: #0f6cc9; }._0d7876ac10b913b7cf87 { padding: 0 12px; }@media (min-width:768px) {._0d7876ac10b913b7cf87 { padding: 0 40px; }}._50826d2a7358a0a13d04 { max-width: 600px;margin: 0 auto;position: relative; }@media (min-width:768px) {._50826d2a7358a0a13d04 { max-width: 720px; }}@media (min-width:1020px) {._50826d2a7358a0a13d04 { max-width: 1024px; }}@media (min-width:1180px) {._50826d2a7358a0a13d04 { max-width: 1260px; }}._239c56e5f1096c47bbf8 { position: absolute;top: 0;left: 0;display: flex;height: 100%;align-items: center; }@media (min-width:768px) {._239c56e5f1096c47bbf8 { left: -10px; }}.eda40aff08ffe391b412 { position: absolute;top: -16px;right: 0;display: flex; }@media (min-width:768px) {.eda40aff08ffe391b412 { display: none; }}.eda40aff08ffe391b412 .e691b3a091c5247c10b4 { font-size: 1.5rem;line-height: 1.3; }._439b54deaab428778c65 { display: none; }@media (min-width:768px) {._439b54deaab428778c65 { position: absolute;top: 7px;right: 0;display: block;text-align: right; }}@media (min-width:1020px) {._439b54deaab428778c65 { top: 11px; }}._44dc532685d7e54363fc { position: relative;top: 16px;display: none; }@media (min-width:768px) {._44dc532685d7e54363fc { display: block; }}.b1818a0ef344508ec29e { display: none;padding: 8px 40px 7px;border-bottom: 1px solid#d4d4d4;background: #fff url(/assets/59babac3.svg);background-size: 5rem;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .875rem; }@media (prefers-color-scheme:dark) {.b1818a0ef344508ec29e { background-image: none; }}@media (min-width:768px) {.b1818a0ef344508ec29e { display: block; }}._48529808ba8293114f46 { position: relative;max-width: 600px;margin: 0 auto;display: flex;justify-content: space-between; }@media (min-width:768px) {._48529808ba8293114f46 { max-width: 720px; }}@media (min-width:1020px) {._48529808ba8293114f46 { max-width: 1024px; }}@media (min-width:1180px) {._48529808ba8293114f46 { max-width: 1260px; }}.e9fd814ba586e632618c { display: flex;justify-content: space-between; }.e691b3a091c5247c10b4 { display: inline-block;padding-left: 15px;margin-bottom: -2px;margin-left: 15px;line-height: 1.75;list-style: none; }@media (min-width:768px) {.e691b3a091c5247c10b4 { position: relative;border-left: 1px solid#d4d4d4; }}@media (min-width:1020px) {.e691b3a091c5247c10b4 { padding-left: 20px;border-left: 1px solid#d4d4d4;margin-left: 20px; }}.e691b3a091c5247c10b4:first-of-type { padding-left: 0;border-left: 0;margin-right: 2px;margin-left: 0; }.e691b3a091c5247c10b4 a { padding: 0;background: transparent;color: inherit;font-family: inherit;font-size: inherit;line-height: inherit;text-decoration: none;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out;border: none;border-bottom: 1px solid transparent;color: #111;font-family: suecanano_regular,arial,lucida grande,sans-serif;display: inline;line-height: 1; }.e691b3a091c5247c10b4 a:active,.e691b3a091c5247c10b4 a:focus,.e691b3a091c5247c10b4 a:hover { border-bottom-color: #111;color: #111;outline: 0; }@media print {.e691b3a091c5247c10b4 a { border-bottom-color: #d4d4d4;box-shadow: none;color: #111;text-shadow: none; }}._3454669f61a63bbeb313 { position: relative; }@media (min-width:768px) {._3454669f61a63bbeb313 { height: 128px; }}@media (min-width:1020px) {._3454669f61a63bbeb313 { height: 188px; }}._3454669f61a63bbeb313:after { position: absolute;right: 0;bottom: 0;left: 0;width: 100%;height: 1px;background-color: #d4d4d4;content: ""; }@media print {._3454669f61a63bbeb313 { display: none; }}._1081cecf9dc4560513de._1081cecf9dc4560513de { border: none;background: transparent;color: inherit;font-family: inherit;font-size: inherit;line-height: inherit;text-decoration: none;width: 32px;height: 48px;font-size: 1.3125rem;line-height: 1;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out;font-size: 1.4375rem; }._1081cecf9dc4560513de._1081cecf9dc4560513de:active,._1081cecf9dc4560513de._1081cecf9dc4560513de:focus,._1081cecf9dc4560513de._1081cecf9dc4560513de:hover { text-decoration: underline; }@media (min-width:768px) {._1081cecf9dc4560513de._1081cecf9dc4560513de { width: 48px; }._1081cecf9dc4560513de._1081cecf9dc4560513de:active,._1081cecf9dc4560513de._1081cecf9dc4560513de:focus,._1081cecf9dc4560513de._1081cecf9dc4560513de:hover { background-color: #f5f5f5; }}._672b5094d47d93427f1b,.fee193181556726e0e79 { border: none;background: transparent;color: inherit;font-family: inherit;font-size: inherit;line-height: inherit;text-decoration: none;display: inline-block;margin-right: 30px;font-size: 1.4375rem; }._672b5094d47d93427f1b:active,._672b5094d47d93427f1b:focus,._672b5094d47d93427f1b:hover,.fee193181556726e0e79:active,.fee193181556726e0e79:focus,.fee193181556726e0e79:hover { text-decoration: underline; }.f37810c82af023bf1cef,.aeee9f7ef1219d6c200d { position: absolute;overflow: hidden;width: 1px;height: 1px;padding: 0;border: 0;clip: rect(1px,1px,1px,1px);white-space: nowrap; }@media (max-width:767px) {.fee193181556726e0e79 { display: none; }}._4c95276b691630515d48 { position: relative;top: 14px;display: none;width: 1px;height: 24px;margin-right: 12px;margin-left: 24px;background-color: #d4d4d4; }@media (min-width:768px) {._4c95276b691630515d48 { display: block; }}.ff65a48399f2141a8e2b { width: 100%;min-height: 45px;border-bottom: 1px solid#d4d4d4;background-color: #fff; }@media (min-width:768px) {.ff65a48399f2141a8e2b { display: none; }}._951bac88118454626d64 { padding: 0 20px;margin-top: 10px;font-size: 14px; }@media (min-width:768px) {._951bac88118454626d64 { display: none; }}._1ac5f6495f084eb92a20 { display: none; }@media (min-width:1020px) {._1ac5f6495f084eb92a20 { position: absolute;z-index: 5;top: 149px;right: 0;left: 0;display: block;border-bottom: 1px solid#d4d4d4; }}._1126f624dfcbad5ff908 { overflow: hidden;padding: 0 40px;background-color: #fff;transition: min-height.25s ease-out;will-change: min-height; }._1126f624dfcbad5ff908:before { position: absolute;top: 38px;right: 0;left: 0;width: 100%;height: 1px;background-color: #d4d4d4;content: ""; }._7dd17e4471ca72aae151 { position: relative;max-width: 600px;margin: 0 auto;display: flex;align-items: flex-start;justify-content: space-between; }@media (min-width:768px) {._7dd17e4471ca72aae151 { max-width: 720px; }}@media (min-width:1020px) {._7dd17e4471ca72aae151 { max-width: 1024px; }}@media (min-width:1180px) {._7dd17e4471ca72aae151 { max-width: 1260px; }}._94c0d6187465408ab0b7,._833f92f838186ea189fe { position: relative;display: block;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .875rem;line-height: 1.3;list-style: none; }._3a4f8318fb3b41dfd84f,.db019a8eacbea3421ce4 { display: inline-block;color: #111;text-decoration: none; }._3a4f8318fb3b41dfd84f.e71bafa75ac55438e8c7,.db019a8eacbea3421ce4.e71bafa75ac55438e8c7 { font-weight: 700; }._94c0d6187465408ab0b7 { min-height: 38px;flex-grow: 1; }._94c0d6187465408ab0b7:last-child ._66adb2df75ee932c919d.e41bdc7ce7d384e5ec29,._94c0d6187465408ab0b7:nth-last-child(2) ._66adb2df75ee932c919d.e41bdc7ce7d384e5ec29 { left: -237px;width: 380px;direction: rtl; }@media (width>=1460px) {._94c0d6187465408ab0b7:last-child ._66adb2df75ee932c919d.e41bdc7ce7d384e5ec29,._94c0d6187465408ab0b7:nth-last-child(2) ._66adb2df75ee932c919d.e41bdc7ce7d384e5ec29 { left: -262px;width: 430px; }}@media (width>=1850px) {._94c0d6187465408ab0b7:last-child ._66adb2df75ee932c919d.e41bdc7ce7d384e5ec29,._94c0d6187465408ab0b7:nth-last-child(2) ._66adb2df75ee932c919d.e41bdc7ce7d384e5ec29 { left: -80px; }}._94c0d6187465408ab0b7:last-child { flex-grow: 0; }._3a4f8318fb3b41dfd84f { padding-bottom: 16px;border-bottom: 4px solid#fff;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out; }._3a4f8318fb3b41dfd84f.e71bafa75ac55438e8c7 { border-color: #0f6cc9; }._3a4f8318fb3b41dfd84f:active,._3a4f8318fb3b41dfd84f:focus,._3a4f8318fb3b41dfd84f:hover { border-color: #111;color: #111;outline: 0;text-decoration: none; }.db019a8eacbea3421ce4 { padding: 0;background: transparent;color: inherit;font-family: inherit;font-size: inherit;line-height: inherit;text-decoration: none;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out;border: none;border-bottom: 1px solid transparent;color: #111;font-family: suecanano_regular,arial,lucida grande,sans-serif; }.db019a8eacbea3421ce4:active,.db019a8eacbea3421ce4:focus,.db019a8eacbea3421ce4:hover { border-bottom-color: #111;color: #111;outline: 0; }@media print {.db019a8eacbea3421ce4 { border-bottom-color: #d4d4d4;box-shadow: none;color: #111;text-shadow: none; }}._66adb2df75ee932c919d { position: absolute;top: 100%;left: -80px;display: none;width: 420px;padding: 24px 0 24px 80px; }._66adb2df75ee932c919d.e41bdc7ce7d384e5ec29 { -moz-columns: 2 auto;column-count: 2; }._833f92f838186ea189fe { display: inline-block;width: 100%;padding: 8px 20px 8px 0; }._75079df7aca8469b664a { top: 50%;right: 0;transform: translatey(-50%);right: 16px; }._75079df7aca8469b664a,._5f8e5752dc8992db7876 { position: absolute; }._5f8e5752dc8992db7876 { overflow: hidden;width: 1px;height: 1px;padding: 0;border: 0;clip: rect(1px,1px,1px,1px);white-space: nowrap; }.b225502ee7d11dc6edda { display: block;font-size: .875rem; }._2dba901609255f94136f { width: 100%;height: 32px;border: 1px solid#d4d4d4;border-radius: 4px;font-family: suecanano_regular,arial,lucida grande,sans-serif;caret-color: #0f6cc9;padding: 4px 16px;border-radius: 0;font-size: 1rem; }._2dba901609255f94136f::-ms-clear { display: none; }._2dba901609255f94136f::-moz-placeholder { color: #d4d4d4;font-family: sueca_hd_regular,georgia,times,serif;font-style: italic; }._2dba901609255f94136f::placeholder { color: #d4d4d4;font-family: sueca_hd_regular,georgia,times,serif;font-style: italic; }.c80716b85a48b3ca6e62 { position: relative; }._4732b9959ebd4744a13a { border: none;background: transparent;color: inherit;font-family: inherit;font-size: inherit;line-height: inherit;text-decoration: none;padding: 4px; }._4732b9959ebd4744a13a:active,._4732b9959ebd4744a13a:focus,._4732b9959ebd4744a13a:hover { text-decoration: underline; }._4732b9959ebd4744a13a:focus { background-color: #d4d4d4;outline: none; }._4732b9959ebd4744a13a:hover { background-color: #f5f5f5; }.eb21d7dd9d0ca760d6a6 { border: none;background: transparent;color: inherit;font-family: inherit;font-size: inherit;line-height: inherit;text-decoration: none;width: 32px;height: 48px;font-size: 1.3125rem;line-height: 1;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out;position: absolute;top: 16px;left: 16px;font-size: 24px; }.eb21d7dd9d0ca760d6a6:active,.eb21d7dd9d0ca760d6a6:focus,.eb21d7dd9d0ca760d6a6:hover { text-decoration: underline; }@media (min-width:768px) {.eb21d7dd9d0ca760d6a6 { width: 48px; }.eb21d7dd9d0ca760d6a6:active,.eb21d7dd9d0ca760d6a6:focus,.eb21d7dd9d0ca760d6a6:hover { background-color: #f5f5f5; }}.ba2bf899c254a8cac754 { padding: 32px 16px; }@media (min-width:768px) {.ba2bf899c254a8cac754 { padding: 32px; }}._2b16f150cabb0559269b { margin: 0 0 16px;color: #555;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .75rem;line-height: 1;text-transform: uppercase; }._9786787c6c691879dd60 { list-style: none; }.fff80261e81c5a0e85ef { display: block;width: 100%;padding: 12px 0;margin: 0;font-weight: 700; }.fff80261e81c5a0e85ef>a,.fff80261e81c5a0e85ef>button { padding: 0;background: transparent;color: inherit;font-family: inherit;font-size: inherit;line-height: inherit;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out;border: none;border-bottom: 1px solid transparent;color: #111;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-family: sueca_hd_regular,times,serif;font-weight: 700;text-decoration: none; }.fff80261e81c5a0e85ef>a:active,.fff80261e81c5a0e85ef>a:focus,.fff80261e81c5a0e85ef>a:hover,.fff80261e81c5a0e85ef>button:active,.fff80261e81c5a0e85ef>button:focus,.fff80261e81c5a0e85ef>button:hover { border-bottom-color: #111;color: #111;outline: 0; }@media print {.fff80261e81c5a0e85ef>a,.fff80261e81c5a0e85ef>button { border-bottom-color: #d4d4d4;box-shadow: none;color: #111;text-shadow: none; }}._7bfd5fef83111e920b80 { padding: 80px 16px 24px; }._1528878c3c7476209d86 { position: fixed;z-index: 4;top: 0;overflow: auto;width: 100%;height: 100%;border-right: 1px solid#d4d4d4;margin-left: -100%;background-color: #fff;color: #111;font-family: sueca_hd_regular,georgia,times,serif;font-size: 1rem;-webkit-overflow-scrolling: touch;overscroll-behavior: contain;transform: translatex(0);transition: transform.3s ease-out;visibility: hidden; }@media (min-width:768px) {._1528878c3c7476209d86 { z-index: 4;width: 320px;height: 100%;margin-left: -320px;box-shadow: 0 1px 3px 0 rgba(17,17,17,.32);font-size: 1.125rem; }}._1528878c3c7476209d86:not(._8f65cb953ab8aac11e5c) { animation-duration: .3s;animation-fill-mode: forwards;animation-name: be84e689aa1d4e079e87; }.ae57d4cce4dd908ba8c8 { position: relative;z-index: 0;display: block;width: 100%;padding: 0;border: 0;margin: 0;font-family: sueca_hd_regular,georgia,times,serif;text-decoration: none; }._8dd23c992f54f518521f { position: relative;z-index: 1;display: block;padding: 17px 16px 16px;color: #111;font-family: sueca_hd_regular,times,serif;font-weight: 700;text-decoration: none; }@media (min-width:768px) {._8dd23c992f54f518521f { padding-right: 32px;padding-left: 32px; }}._8dd23c992f54f518521f:active,._8dd23c992f54f518521f:focus,._8dd23c992f54f518521f:hover { text-decoration: none; }@media (min-width:768px) {._8dd23c992f54f518521f:active,._8dd23c992f54f518521f:focus,._8dd23c992f54f518521f:hover { background-color: #f5f5f5; }._8dd23c992f54f518521f:active:after,._8dd23c992f54f518521f:focus:after,._8dd23c992f54f518521f:hover:after { display: none; }}._8dd23c992f54f518521f:active .bea4207391deb974d091,._8dd23c992f54f518521f:focus .bea4207391deb974d091,._8dd23c992f54f518521f:hover .bea4207391deb974d091 { border-bottom-color: #111; }._8dd23c992f54f518521f:after { position: absolute;right: 16px;bottom: -1px;left: 16px;border-top: 1px solid#d4d4d4;content: "";pointer-events: none; }@media (min-width:768px) {._8dd23c992f54f518521f:after { right: 32px;left: 32px; }}._8dd23c992f54f518521f .bea4207391deb974d091 { border-bottom: 1px solid transparent;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out; }._8dd23c992f54f518521f._2560f384963702bbf74a:before { position: absolute;top: 0;bottom: 0;left: 0;border-left: 4px solid#0f6cc9;content: ""; }@media (min-width:768px) {._8dd23c992f54f518521f._2560f384963702bbf74a:before { border-left: 6px solid#0f6cc9; }}.d4a735f3d12c25ccd4e3 { position: absolute;z-index: 3;top: 0;right: 0;display: inline-block;width: 72px;height: 54px;padding: 16px;border: none;background: transparent;color: #111; }@media (min-width:768px) {.d4a735f3d12c25ccd4e3 { bottom: 0;height: 100%; }}.d4a735f3d12c25ccd4e3 svg { width: .8125rem;height: .8125rem; }.c75fcbfdee3c4294b171 { list-style: none; }._3f44d72ac4082eca1f15 { height: auto;padding: 12px 40px 12px 16px;font-size: 1rem; }._3f44d72ac4082eca1f15:not(:-moz-placeholder-shown) { padding-right: 96px; }._3f44d72ac4082eca1f15:not(:placeholder-shown) { padding-right: 96px; }._3f44d72ac4082eca1f15::-moz-placeholder { color: #555;font-size: .75rem; }._3f44d72ac4082eca1f15::placeholder { color: #555;font-size: .75rem; }.d747b0326f1285bf4d90 { font-size: 1rem;line-height: 1.6; }@media (min-width:768px) {.d747b0326f1285bf4d90 { font-size: 1.125rem; }}.d747b0326f1285bf4d90>*+* { margin-top: 24px; }@media (min-width:768px) {.d747b0326f1285bf4d90>*+* { margin-top: 32px; }}.d747b0326f1285bf4d90>*+h2 { font-size: 1.875rem;line-height: 1.3;margin-top: 32px; }@media (min-width:768px) {.d747b0326f1285bf4d90>*+h2 { margin-top: 48px; }}.d747b0326f1285bf4d90 h2+* { margin-top: 16px; }.d747b0326f1285bf4d90 a { padding: 0;background: transparent;color: inherit;font-size: inherit;line-height: inherit;text-decoration: none;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out;border: none;border-bottom: 2px solid transparent;box-shadow: inset 0 -1px 0 0#0f6cc9,0 1px 0 0 rgba(15,108,201,0);color: #0f6cc9;font-family: inherit;text-shadow: 1px 1px 0#fff,-1px 1px 0#fff,2px 0 0#fff,-2px 0 0#fff; }@media (prefers-color-scheme:dark) {.d747b0326f1285bf4d90 a { text-shadow: none; }}.d747b0326f1285bf4d90 a:visited { color: #767676; }.d747b0326f1285bf4d90 a:active,.d747b0326f1285bf4d90 a:focus,.d747b0326f1285bf4d90 a:hover { border-bottom-color: #0f6cc9;color: #111;outline: 0; }@media print {.d747b0326f1285bf4d90 a { border-bottom-color: #d4d4d4;box-shadow: none;color: #111;text-shadow: none;border-bottom-width: 1px; }.d747b0326f1285bf4d90 a:after { color: #555;content: " ["attr(href)"]";font-size: .85em; }}.d747b0326f1285bf4d90 hr { width: 80px;height: 4px;border: 0;margin-top: 48px;margin-bottom: 48px;background-color: #111; }.d747b0326f1285bf4d90 ul { overflow: hidden;padding-left: 56px;list-style-type: none; }@media (min-width:768px) {.d747b0326f1285bf4d90 ul { padding-left: 72px; }}.d747b0326f1285bf4d90 ul>li { position: relative;margin-bottom: 16px; }.d747b0326f1285bf4d90 ul>li:before { position: absolute;left: -36px;top: 11px;width: 6px;height: 0;border-top: 6px solid;content: "";transform: rotate(45deg); }.d747b0326f1285bf4d90 ul>li:last-child { margin-bottom: 0; }.d747b0326f1285bf4d90 ol { overflow: hidden;padding-left: 56px;list-style-type: none;counter-reset: list; }@media (min-width:768px) {.d747b0326f1285bf4d90 ol { padding-left: 72px; }}.d747b0326f1285bf4d90 ol>li { position: relative;margin-bottom: 16px; }.d747b0326f1285bf4d90 ol>li:before { position: absolute;left: -36px;content: counter(list);counter-increment: list;font-size: 1.25rem;font-weight: 700;line-height: 1.6; }._7c5f7f871bf4797f6a64 { min-height: 500px; }@media (min-width:1020px) {._7c5f7f871bf4797f6a64 { width: calc(100% - 360px);max-width: 620px;padding-bottom: 48px;float: left; }._7c5f7f871bf4797f6a64:after { display: table;clear: both;content: ""; }}@media (min-width:1180px) {._7c5f7f871bf4797f6a64 { width: calc(100% - 640px);margin-left: 20px; }}._7c5f7f871bf4797f6a64>p:first-of-type { overflow: hidden; }@media print {._7c5f7f871bf4797f6a64 { min-height: 0; }}._7653fd52bc3d0a84caca { margin-bottom: 64px; }._7653fd52bc3d0a84caca:after { display: table;clear: both;content: ""; }._22c827a7b933a1dbb290 { display: flex;width: 100%;justify-content: space-between; }._81c3809be93a7e7fb14e { position: relative;max-width: 600px;margin: 0 auto;padding-top: 8px; }@media (min-width:768px) {._81c3809be93a7e7fb14e { max-width: 720px; }}@media (min-width:1020px) {._81c3809be93a7e7fb14e { max-width: 1024px; }}@media (min-width:1180px) {._81c3809be93a7e7fb14e { max-width: 1260px; }}._7d17bca08bac34fa74b7 { display: flex;min-height: 100vh;flex-direction: column; }@media (max-width:1019px) {._7d17bca08bac34fa74b7 { overflow-x: hidden; }}._2a1acfcae7f6b3d59b3e { position: relative;z-index: 1;min-height: 80vh;flex-grow: 1;margin: 0 16px; }@media (min-width:768px) {._2a1acfcae7f6b3d59b3e { margin: 0 40px; }}@media print {._2a1acfcae7f6b3d59b3e { margin: 0; }}._2afe3b2fcf27e5bbe3f8._2afe3b2fcf27e5bbe3f8 { opacity: 0;transition: opacity.2s ease-out,visibility 0s linear.2s;visibility: hidden; }._4ecee8b53e2d72a2da5a { padding: 0;background: transparent;color: inherit;font-family: inherit;font-size: inherit;line-height: inherit;text-decoration: none;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out;border: none;border-bottom: 1px solid transparent;color: #0f6cc9;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .875rem;font-weight: 700; }._4ecee8b53e2d72a2da5a:active,._4ecee8b53e2d72a2da5a:focus,._4ecee8b53e2d72a2da5a:hover { border-bottom-color: #0f6cc9;outline: 0; }@media print {._4ecee8b53e2d72a2da5a { border-bottom-color: #d4d4d4;box-shadow: none;color: #111;text-shadow: none; }}._0116d4a4b7eb04162795 { padding: 0;background: transparent;color: inherit;font-family: inherit;font-size: inherit;line-height: inherit;text-decoration: none;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out;border: none;border-bottom: 1px solid transparent;color: #0f6cc9;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .875rem;font-weight: 700; }._0116d4a4b7eb04162795:active,._0116d4a4b7eb04162795:focus,._0116d4a4b7eb04162795:hover { border-bottom-color: #0f6cc9;outline: 0; }@media print {._0116d4a4b7eb04162795 { border-bottom-color: #d4d4d4;box-shadow: none;color: #111;text-shadow: none; }}._9f146e4c46884f388d0e { position: relative; }._13dba38c2689588db954 { display: flex;align-items: center;justify-content: center;border: none;background-color: transparent;color: #111;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .75rem;text-decoration: none; }._13dba38c2689588db954:focus,._13dba38c2689588db954:hover { outline: 0; }._82522fbabfe2be1d6f63 { display: flex;width: 32px;height: 32px;align-items: center;justify-content: center;border-radius: 50%;font-size: 1rem;line-height: 1.6;text-align: center;transition: color.2s ease-in-out,background-color.2s ease-in-out,border-color.2s ease-in-out;padding-left: 6px;margin-right: 8px;color: #fff;stroke: #111;stroke-width: 1px;transform: scale(1.5); }._82522fbabfe2be1d6f63 svg { fill: transparent; }@media (min-width:768px) {._82522fbabfe2be1d6f63 { padding-left: 0; }}._99dd6f9009292d7aeb9e { position: relative; }.d4865fc871ad4f8128a5 { display: flex;align-items: center;justify-content: center;border: none;background-color: transparent;color: #111;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .75rem;text-decoration: none; }.d4865fc871ad4f8128a5:focus,.d4865fc871ad4f8128a5:hover { outline: 0; }.e357dace5add04bfeabc { display: flex;width: 32px;height: 32px;align-items: center;justify-content: center;border-radius: 50%;font-size: 1rem;line-height: 1.6;text-align: center;transition: color.2s ease-in-out,background-color.2s ease-in-out,border-color.2s ease-in-out;margin-right: 8px;transform: scale(1.4); }._9895974b1a3ae7e5bab5 { animation: _6d39ea52e5bfac83ab6b.5s cubic-bezier(.4,0,.2,1)0s forwards;position: relative;z-index: 6;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-style: normal;font-weight: 400; }.a116591d3ceef8b5ab0a { position: absolute;top: 8px;right: 8px;width: 24px;height: 24px;border: none;background-color: transparent;color: #555;cursor: pointer;font-size: .8125rem; }._75dbbb25387340e4087e { display: flex;overflow: hidden;width: auto;height: 40px;align-items: center;justify-content: center;border: none;background-color: transparent;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .875rem;text-transform: none; }._75dbbb25387340e4087e ._1be89106bd7b8ef545a8 { height: 40px;list-style: none;text-align: center; }._75dbbb25387340e4087e ._1be89106bd7b8ef545a8 .c8e136017a9b73092e31 { display: flex;align-items: center;justify-content: flex-start;margin: 0;line-height: 40px; }._39a4d6042b2b091f8dc2 { display: none; }._1be89106bd7b8ef545a8 { height: 40px;list-style: none;text-align: center; }._1be89106bd7b8ef545a8 .c8e136017a9b73092e31 { display: flex;align-items: center;justify-content: space-around;margin: 0;line-height: 40px; }._80514cfb6caa4fcf80c8 { margin-left: 6px; }.fe9e8b36a3eff1b5fcbf { animation: _6d39ea52e5bfac83ab6b.5s cubic-bezier(.4,0,.2,1)0s forwards; }@media (max-width:1019px) {.fe9e8b36a3eff1b5fcbf { position: fixed;bottom: 0;left: 50%;display: flex;width: 100%;flex-direction: column;flex-shrink: 0;align-items: flex-start;padding: 24px 16px 16px;background: #fff;transform: translate(-50%); }}.fe9e8b36a3eff1b5fcbf._0a8ee66b7b7366839756 { animation-duration: .23s;animation-fill-mode: forwards;animation-name: _152daad0d116a56e606f;animation: _3599fa500c8f70d46492.2s cubic-bezier(.4,0,.2,1)0s forwards;z-index: -10;opacity: 0;visibility: hidden; }@media (min-width:1020px) {.fe9e8b36a3eff1b5fcbf { position: absolute;z-index: 6;top: 16px;display: block;width: 384px;padding: 32px 32px 28px;background: #fff;box-shadow: 0 1px 3px 0 rgba(17,17,17,.32);visibility: visible; }.fe9e8b36a3eff1b5fcbf:before { width: 12px;height: 12px;box-shadow: 0 1px 3px 0 rgba(17,17,17,.32);inset: -6px auto -8px 30px;transform: rotate(45deg); }.fe9e8b36a3eff1b5fcbf:after,.fe9e8b36a3eff1b5fcbf:before { position: absolute;background: #fff;content: ""; }.fe9e8b36a3eff1b5fcbf:after { width: 20px;height: 20px;inset: 0 auto 0 26px;transform: rotate(90deg); }}@media (min-width:1180px) {.fe9e8b36a3eff1b5fcbf:before { inset: -6px auto -8px 20px; }.fe9e8b36a3eff1b5fcbf:after { inset: 0 auto 0 16px; }}._9db1f8ea89509397e07d { font-size: 1.125rem; }._91c9f747ad5f91b00d77 { color: #000;font-family: suecanano_regular,arial,lucida grande,sans-serif;text-decoration: none; }.f791474cbe2c714c4bd0 { display: none; }@media (min-width:768px) {.f791474cbe2c714c4bd0 { display: flex;width: 100%;flex-wrap: wrap;gap: 16px 24px; }}.f791474cbe2c714c4bd0>a:last-child { margin-left: 10px; }._2471aeb4844b834a7e14 { display: flex;width: 100%;flex-direction: column;align-items: flex-start; }@media (min-width:768px) {._2471aeb4844b834a7e14 { display: none; }}.f84a6df3ed8758b1433d.f84a6df3ed8758b1433d,._6405f6b68f682a8afb13._6405f6b68f682a8afb13,._2269a9f261316a3ecc7f._2269a9f261316a3ecc7f,._0366ba820709b49349a7._0366ba820709b49349a7 { display: flex;align-items: center;justify-content: flex-start;border-bottom: none;box-shadow: none;color: #111;font-family: suecanano_regular,arial,lucida grande,sans-serif;text-decoration: none; }.f84a6df3ed8758b1433d.f84a6df3ed8758b1433d:focus,.f84a6df3ed8758b1433d.f84a6df3ed8758b1433d:hover,._6405f6b68f682a8afb13._6405f6b68f682a8afb13:focus,._6405f6b68f682a8afb13._6405f6b68f682a8afb13:hover,._2269a9f261316a3ecc7f._2269a9f261316a3ecc7f:focus,._2269a9f261316a3ecc7f._2269a9f261316a3ecc7f:hover,._0366ba820709b49349a7._0366ba820709b49349a7:focus,._0366ba820709b49349a7._0366ba820709b49349a7:hover { border-bottom: none;outline: 0;text-decoration: none; }.f84a6df3ed8758b1433d.f84a6df3ed8758b1433d:focus ._993d8a0da0807e2c8cfa,.f84a6df3ed8758b1433d.f84a6df3ed8758b1433d:hover ._993d8a0da0807e2c8cfa,._6405f6b68f682a8afb13._6405f6b68f682a8afb13:focus ._993d8a0da0807e2c8cfa,._6405f6b68f682a8afb13._6405f6b68f682a8afb13:hover ._993d8a0da0807e2c8cfa,._2269a9f261316a3ecc7f._2269a9f261316a3ecc7f:focus ._993d8a0da0807e2c8cfa,._2269a9f261316a3ecc7f._2269a9f261316a3ecc7f:hover ._993d8a0da0807e2c8cfa,._0366ba820709b49349a7._0366ba820709b49349a7:focus ._993d8a0da0807e2c8cfa,._0366ba820709b49349a7._0366ba820709b49349a7:hover ._993d8a0da0807e2c8cfa { border-color: #111; }._9770622eee2db5c95a59 { border: 1px solid transparent;background-color: transparent;color: #111;display: flex;width: 32px;height: 32px;align-items: center;justify-content: center;border-radius: 50%;font-size: 1rem;line-height: 1.6;text-align: center;transition: color.2s ease-in-out,background-color.2s ease-in-out,border-color.2s ease-in-out;margin-right: 4px; }:focus>._9770622eee2db5c95a59,:hover>._9770622eee2db5c95a59 { border-color: #f5f5f5;background-color: #f5f5f5;color: #111;outline: 0; }._993d8a0da0807e2c8cfa { border-bottom: none;color: #000;font-size: .875rem;text-decoration: none;transition: border-color.2s ease-in-out; }.eb17973c47e18dbf0cb6 { font-size: 1.5rem; }._20680d50a26f87dfdbf1 { width: 14px;height: 14px;font-size: 1.375rem; }._20680d50a26f87dfdbf1 path { fill: #000; }._830007722e68455d0136 { font-size: 1.125rem; }._3eaacab240fc7c859667 { min-width: 100%;clear: both;text-align: center; }@media print {._3eaacab240fc7c859667 { display: none; }}._4ea0aa84b71a8a06c45e { position: relative;margin-right: -40px;margin-left: -40px; }.acd99af3e011c9b90ee4 { position: absolute;display: none;min-width: 100%;padding-top: 2px;color: #555;font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .625rem;letter-spacing: .5px;text-align: center; }@media (min-width:768px) {.acd99af3e011c9b90ee4 { padding-top: 4px; }}._3c497d7166db5ae330bd { min-height: 82px;padding: 16px 0;background-color: #fff; }@media (min-width:768px) {._3c497d7166db5ae330bd { min-height: 138px;padding-top: 20px;padding-bottom: 20px; }}._8dfa8ec451a4140624ea { display: block;min-height: 82px; }@media (min-width:768px) {._8dfa8ec451a4140624ea { min-height: 138px; }}@media (min-width:1020px) {._8dfa8ec451a4140624ea { display: flex;min-height: 184px;align-items: center;justify-content: center; }}@media print {._8dfa8ec451a4140624ea { display: none; }}.c33a4ada1e54342c2c8e { margin: 8px 0; }@media (min-width:1020px) {.c33a4ada1e54342c2c8e { margin: 0; }}._90f718e7d0298848dd1b { font-family: suecanano_regular,arial,lucida grande,sans-serif;font-size: .875rem;line-height: 1;margin-top: 8px;margin-bottom: 24px; }._90f718e7d0298848dd1b,._90f718e7d0298848dd1b a { font-weight: 700;text-transform: uppercase; }._90f718e7d0298848dd1b a { padding: 0;background: transparent;color: inherit;font-family: inherit;font-size: inherit;line-height: inherit;text-decoration: none;transition: background-color.2s ease-in-out,border-color.2s ease-in-out,box-shadow.2s ease-in-out,color.2s ease-in-out,outline.2s ease-in-out;border: none;border-bottom: 1px solid transparent;color: #111;font-family: suecanano_regular,arial,lucida grande,sans-serif; }._90f718e7d0298848dd1b a:active,._90f718e7d0298848dd1b a:focus,._90f718e7d0298848dd1b a:hover { border-bottom-color: #111;color: #111;outline: 0; }@media print {._90f718e7d0298848dd1b a { border-bottom-color: #d4d4d4;box-shadow: none;color: #111;text-shadow: none; }}._90f718e7d0298848dd1b a:visited { color: #111; }@media (min-width:768px) {._90f718e7d0298848dd1b { margin-bottom: 16px; }}@media (min-width:1020px) {._90f718e7d0298848dd1b { margin-top: 16px; }}@media (min-width:1180px) {._90f718e7d0298848dd1b { width: 236px;padding-right: 24px;margin-bottom: 0;font-size: .875rem; }}.bd01136af1526a08c941 { width: 100%;padding-left: 0;margin: 0;counter-reset: popularStories;font-size: 1rem;list-style-type: none; }@media (min-width:1180px) {.bd01136af1526a08c941 { width: auto;flex: 1; }}.f54e150508868b542f4e { width: 100%;margin-bottom: 32px;font-size: 1rem; }@media (min-width:1020px) {.f54e150508868b542f4e { width: calc(100% - 20px);max-width: 620px; }}@media (min-width:1180px) {.f54e150508868b542f4e { display: flex;max-width: 860px;justify-content: space-between; }}@media (min-width:1020px) {.c33a4ada1e54342c2c8e { margin-top: 16px; }}._90f718e7d0298848dd1b { margin-top: 0; }@media (min-width:1020px) {._90f718e7d0298848dd1b { margin-bottom: 8px; }}@media (min-width:1180px) {._90f718e7d0298848dd1b { width: 100%;padding-right: 0; }}.bd01136af1526a08c941 { min-height: 264px; }@media (min-width:1020px) {.bd01136af1526a08c941 { min-height: 484px;margin-top: 0; }}.f54e150508868b542f4e { position: relative;border-top: 4px solid#111;padding-top: 0;margin-top: 32px; }@media (min-width:1020px) {.f54e150508868b542f4e { border-top-color: transparent; }.f54e150508868b542f4e:before { position: absolute;top: -4px;left: 0;display: block;width: 140px;height: 4px;border-top-width: 4px;background-color: #111;content: "";transform: none; }.f54e150508868b542f4e { display: block;width: 100%;margin-top: 0; }}@media print {.f54e150508868b542f4e { display: none; }}</style><script>tp = window.tp || []; // Set Application ID tp.push(["setAid", 'lrJ8j3qepa']); // Is application in sandbox? tp.push(["setSandbox", false]); // Does application use Piano ID? tp.push(["setUseTinypassAccounts", false]); tp.push(["setEndpoint", "https://buy-au.piano.io/api/v3"]); (function(src) { var a = document.createElement("script"); a.type = "text/javascript"; a.async = true; a.src = src; var b = document.getElementsByTagName("script")[0]; b.parentNode.insertBefore(a, b) })("//cdn.tinypass.com/api/tinypass.min.js"); </script><script>var u=new RegExp('Europe/|/Los_Angeles','i'),t=!u.test(Intl.DateTimeFormat().resolvedOptions().timeZone); (function(w,d,s,l,i,t){if(t){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl+'';f.parentNode.insertBefore(j,f); }})(window,document,'script','dataLayerGA4','GTM-TN85F9FM',t);</script><script>var u=new RegExp('Europe/|/Los_Angeles','i'),t=!u.test(Intl.DateTimeFormat().resolvedOptions().timeZone); (function(w,d,s,l,i,t){if(t){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl+''; f.parentNode.insertBefore(j,f);}})(window,document,'script','dataLayer','GTM-NN4PPKH',t);</script><script>var u=new RegExp('Europe/|/Los_Angeles','i'),t=!u.test(Intl.DateTimeFormat().resolvedOptions().timeZone); (function(p,l,o,w,i,n,g,t){if(t){if(!p[i]){p.GlobalSnowplowNamespace=p.GlobalSnowplowNamespace||[]; p.GlobalSnowplowNamespace.push(i);p[i]=function(){(p[i].q=p[i].q||[]).push(arguments)}; p[i].q=p[i].q||[];n=l.createElement(o);g=l.getElementsByTagName(o)[0];n.async=1; n.src=w;g.parentNode.insertBefore(n,g) }}}(window,document,"script","//d2uhnetoehh304.cloudfront.net/2.18.2/sp.js","snowplow",null,null,t)); if(window.snowplow) { window.snowplow('newTracker', 'ffx', 'i.ffx.io', { appId: 'afr-web', post: true, discoverRootDomain: true, contexts: { performanceTiming: true, webPage: true, gaCookies: true, }}); }</script><link href="/favicon.ico" rel="shortcut icon" type="image/x-icon"/><link href="/favicon.ico" rel="icon" type="image/x-icon"/><link href="/apple-touch-icon.png" rel="apple-touch-icon"/><link data-rh="true" href="https://www.afr.com/wealth/investing/buffett-s-499b-cash-hoard-is-an-early-warning-signal-20241122-p5ksvo" rel="canonical"/><link href="https://www.afr.com/manifest.json" rel="manifest"/><meta data-rh="true" name="apple-itunes-app" content="app-id=524599864, app-argument=afr-app://article/p5ksvo?source=smartbanner"/><meta data-rh="true" content="The Berkshire Hathaway chief executive does not claim to be an expert at market predictions, but he knows when stocks are overpriced." name="description"/><meta data-rh="true" property="cXenseParse:image" content="https://static.ffx.io/images/$zoom_0.5298%2C$multiply_2%2C$ratio_1.777778%2C$width_1059%2C$x_0%2C$y_60/t_crop_custom/c_scale%2Cw_800%2Cq_88%2Cf_auto/54a257f480f869e9540b533b058a19d53c711f79"/><meta data-rh="true" name="cXenseParse:iov-article_label" content="Opinion"/><meta data-rh="true" name="cXenseParse:iov-primary_tag" content="Investing"/><meta data-rh="true" name="cXenseParse:iov-primary_tag_url" content="/topic/investing-1st"/><meta data-rh="true" content="noarchive,index" name="robots"/><meta data-rh="true" content="915111442510599" property="fb:app_id"/><meta data-rh="true" content="150910108292573" property="fb:pages"/><meta data-rh="true" content="308818925809645" property="fb:pages"/><meta data-rh="true" content="The Berkshire Hathaway chief executive does not claim to be an expert at market predictions, but he knows when stocks are overpriced." property="og:description"/><meta data-rh="true" content="Australian Financial Review" property="og:site_name"/><meta data-rh="true" content="Buffett’s $499b cash hoard is an early warning signal" property="og:title"/><meta data-rh="true" content="article" property="og:type"/><meta data-rh="true" content="https://www.afr.com/wealth/investing/buffett-s-499b-cash-hoard-is-an-early-warning-signal-20241122-p5ksvo" property="og:url"/><meta data-rh="true" content="2024-11-23T03:01:47Z" property="article:modified_time"/><meta data-rh="true" content="2024-11-23T03:01:47Z" property="article:published_time"/><meta data-rh="true" content="https://www.facebook.com/financialreview" property="article:publisher"/><meta data-rh="true" content="investing" property="article:section"/><meta data-rh="true" content="Investing" property="article:tag"/><meta data-rh="true" content="Warren Buffett" property="article:tag"/><meta data-rh="true" content="The Goldman Sachs Group, Inc" property="article:tag"/><meta data-rh="true" content="The Vanguard Group" property="article:tag"/><meta data-rh="true" content="BlackRock Inc" property="article:tag"/><meta data-rh="true" content="Opinion" property="article:tag"/><meta data-rh="true" content="https://static.ffx.io/images/$zoom_0.5298%2C$multiply_2%2C$ratio_1.777778%2C$width_1059%2C$x_0%2C$y_60/t_crop_custom/c_scale%2Cw_800%2Cq_88%2Cf_jpg/t_afr_opinion_no_age_social_wm/54a257f480f869e9540b533b058a19d53c711f79" property="og:image"/><meta data-rh="true" content="628" property="og:image:height"/><meta data-rh="true" content="https://static.ffx.io/images/$zoom_0.5298%2C$multiply_2%2C$ratio_1.777778%2C$width_1059%2C$x_0%2C$y_60/t_crop_custom/c_scale%2Cw_800%2Cq_88%2Cf_jpg/t_afr_opinion_no_age_social_wm/54a257f480f869e9540b533b058a19d53c711f79" property="og:image:secure_url"/><meta data-rh="true" content="1200" property="og:image:width"/><meta data-rh="true" content="https://www.afr.com/wealth/investing/buffett-s-499b-cash-hoard-is-an-early-warning-signal-20241122-p5ksvo" name="parsely-link"/><meta data-rh="true" content="https://www.afr.com/wealth/investing/buffett-s-499b-cash-hoard-is-an-early-warning-signal-20241122-p5ksvo" name="parsely-network-canonical"/><meta data-rh="true" content="https://static.ffx.io/images/$zoom_0.5298%2C$multiply_2%2C$ratio_1.777778%2C$width_1059%2C$x_0%2C$y_60/t_crop_custom/c_scale%2Cw_800%2Cq_88%2Cf_jpg/t_afr_opinion_no_age_social_wm/54a257f480f869e9540b533b058a19d53c711f79" name="parsely-image-url"/><meta data-rh="true" content="investing" name="parsely-section"/><meta data-rh="true" content="Buffett’s $499b cash hoard is an early warning signal" name="parsely-title"/><meta data-rh="true" content="NewsArticle" name="parsely-type"/><meta data-rh="true" content="Nir Kaissar" name="parsely-author"/><meta data-rh="true" content="2024-11-23T03:01:47Z" name="parsely-pub-date"/><meta data-rh="true" content="INVESTING,warren buffett,the goldman sachs group, inc,the vanguard group,blackrock inc,opinion" name="parsely-tags"/><meta data-rh="true" content="{"type":"article","id":"p5ksvo"}" name="parsely-metadata"/><meta data-rh="true" content="350071287628-v4an7cfdir6mur67qrl3qpgnievgbcd6.apps.googleusercontent.com" name="google-signin-client_id"/><meta data-rh="true" content="summary_large_image" name="twitter:card"/><meta data-rh="true" content="The Berkshire Hathaway chief executive does not claim to be an expert at market predictions, but he knows when stocks are overpriced." name="twitter:description"/><meta data-rh="true" content="https://static.ffx.io/images/$zoom_0.5298%2C$multiply_2%2C$ratio_1.777778%2C$width_1059%2C$x_0%2C$y_60/t_crop_custom/c_scale%2Cw_800%2Cq_88%2Cf_jpg/t_afr_opinion_no_age_social_wm/54a257f480f869e9540b533b058a19d53c711f79" name="twitter:image:src"/><meta data-rh="true" content="@FinancialReview" name="twitter:site"/><meta data-rh="true" content="Buffett’s $499b cash hoard is an early warning signal" name="twitter:title"/></head><body><noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-TN85F9FM" title="Google Tag Manager" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript><noscript><iframe height="0" src="//www.googletagmanager.com/ns.html?id=GTM-NN4PPKH" style="display:none;visibility:hidden" title="Google Tag Manager" width="0"></iframe></noscript><div id="root"><div class="_7d17bca08bac34fa74b7"><a class="_2d28c075b8742ffab876" href="#nav">Skip to navigation</a><a class="_2d28c075b8742ffab876" href="#content">Skip to content</a><a class="_2d28c075b8742ffab876" href="#footer">Skip to footer</a><a class="_2d28c075b8742ffab876" href="/accessibility">Help using this website - Accessibility statement</a><div class="ff65a48399f2141a8e2b"><div class="_951bac88118454626d64"><ul class="e9fd814ba586e632618c"><li class="e691b3a091c5247c10b4"><a class="_9db8990a164b29005d45" data-testid="TodaysPaper" href="/todays-paper">Today's Paper</a></li><li class="e691b3a091c5247c10b4"><div class="_3de369eafde855ccebe0" data-testid="PianoContainer" id="subscribe-button-piano-id"></div></li></ul></div></div><div class="_3454669f61a63bbeb313 _6f1bc877658a869a223e" id="nav"><header class="cdef1394dbb706dbe5da" data-testid="Header"><div class="b1818a0ef344508ec29e"><div class="_48529808ba8293114f46"><div><ul><li class="e691b3a091c5247c10b4"><a class="_9db8990a164b29005d45" data-testid="TodaysPaper" href="/todays-paper">Today's Paper</a></li><li class="e691b3a091c5247c10b4"><a data-testid="Header-marketsData" href="/markets-data">Markets Data</a></li><li class="e691b3a091c5247c10b4"><a data-testid="Header-events" href="/afrlive">Events</a></li><li class="e691b3a091c5247c10b4"><a data-testid="Header-lists" href="/lists-and-awards">Lists</a></li></ul></div><div></div></div></div><div class="_0d7876ac10b913b7cf87" data-testid="Header-headerMiddle"><div class="_50826d2a7358a0a13d04"><div class="f11f47d611280602cd7e" data-testid="Header-logo"><a data-testid="Header-logoLink" href="/"><svg aria-label="The Australian Financial Review" class="" height="34" viewBox="0 0 300 34" width="300" xmlns="http://www.w3.org/2000/svg"><path d="M292.4.7v1.1h3.1l-3.7 24.4L287.5.7h-3.1l-3.7 26.1-3.5-25.1h3.5V.6h-11.1v1.1h2.4l4.9 32.1h4l3.4-20.3 3.7 20.3h4l4.9-32h3.2V.7h-7.7zm-40.3 1h3.2v31h-3.1v1.1h16.3v-8.7h-.8s-.2 3.5-.7 5c-.5 1.1-1.7 2.2-2.9 2.5-1.1.2-3.2.2-3.2.2V16.4s2.5-.1 3.2.3c1.1.9 1.2 2.5 1.4 4.3h.8v-9.7h-.9c0 1.2-.5 2.8-1.4 3.5-.9.9-3.2.5-3.2.5V1.8s3.1-.1 4.1.1c2.4 1.2 2.5 3.9 2.8 6.3h.8V.7H252l.1 1zm-5 0h3.1V.6h-10.9v1.1h2.7v31h-3.2v1.1h11.7v-1.1h-3.3c-.1 0-.1-31-.1-31zm-14.5 0h2.8l-4.9 28.9c-.1 0-4.9-28.9-4.9-28.9h2.9V.6h-10.3v1.1h1.6l6.1 32h5.3l5.7-32h1.6V.6h-5.7v1.1h-.2zm-16.4 28.2c-1.2 2.7-5.3 2.8-7.2 2.8V16.9s2.8 0 3.5.4c1.1.8 1.4 2.4 1.6 4h.8v-10h-.9c-.1 1.5-.2 3.3-1.6 4.3-.8.6-3.5.3-3.5.3V1.8c1.1 0 3.4-.2 4.4.2 2.5 1.2 2.6 4.1 2.8 6.6h.9v-8h-16v1.1h2.5v31.1h-2.3v1.1h16.5v-8.7h-.9c-.1 1.7-.2 3.3-.6 4.7zm-17.4 2.6c-1.4-4.2-1.8-8.4-3.7-12.3-1.2-2.4-3.8-3.5-6.2-3.7 2.8-.3 5.7-1.4 7.1-4.3.9-2.2 1.1-5.8-.3-8s-3.5-3.4-6-3.5h-13v1.1h3.2v31h-3.3v1h11.8v-1.1h-2.9V16.9h.7c1.4.1 3.2.6 3.8 1.7 1.6 2.5 2.9 11.6 3.2 13.4.1.7 0 1.4.4 1.9h7.1v-1.1c-.3 0-1.5 0-1.9-.3zm-13.6-16.7V1.7c.9 0 3.1 0 3.7.4 2.3 2.4 2.1 6.6 2 9.8-.2 1.4-.7 3.1-2.1 3.7-.8.3-3.6.2-3.6.2zm-19.3 9.6h-1.1c0 1.4 0 3-.3 4.3-.5 1.2-1.5 2.7-2.9 2.9h-4.2v-31h3.5V.5h-11.8v1.1h2.9v31h-3v1.1h16.9c0-2.6-.1-5.6 0-8.3zM139.2.7h-4.9l-5.4 32h-2.6v1h6.9v-1.1h-2.9l1.7-10.1h6.4l2 10.1h-3.1v1.1h10.8v-1.1H146c0 .1-6.8-31.9-6.8-31.9zm-4 20.6H132l2.5-15.7 3.4 15.7h-2.7zm-10-19.6V.6h-11.4v1.1h2.8v31h-2.9v1.1h11.4v-1.1h-2.7v-31h2.8zm-18.1 30.9c-1.1.6-3.2.4-4-.5-1.7-2-2.8-5.4-3-8.1-.6-6.2-.6-9.2.2-14.1.4-2.8 1.2-5.6 3.1-7.6 1.2-1.1 3.3-.9 4.6-.2 2.6 1.7 2.5 4.9 2.7 7.7h1.1V.6h-.9c0 .5 0 .9-.4 1.2-.9.2-1.4-.9-2.1-1.1-1.9-1.1-4.6-.7-6.5.3-4.3 2.5-7.1 7.2-7.4 12-.7 7.5.4 15.4 6.6 19.8 2 .9 4.8 2 6.8.5 0 0 1.6-1.6 2.2-1.6s.6 1.1.6 1.8h.9v-8.2h-1.2c-.2 2.7.2 4.9-3.3 7.3zM94.6 1.7V.6H88v1.1h2.5v22L81.7.6h-7.8v1.1h2.8v31h-2.9v1.1h7.1v-1.1h-2.8V6.5l10.4 27.4H92v-32h2.8l-.2-.2zM64.9.7h-5.1l-5.5 32h-2.8v1H59v-1.1h-3.2l1.7-10.3h5.9l2.1 10.3h-3v1.1h10.3v-1.1h-1.5c.1.1-6.4-31.9-6.4-31.9zm-7.3 20.4L60 6.4l3.1 14.7h-5.5zM52.9 1.7V.6h-6.8v1.1h2.8v22.8L39.9.7H32v1.1h2.8v31h-2.9v1h7.4v-1.1h-3V7.1l9.8 26.8h4.2v-32H53c-.1-.1-.1-.2-.1-.2zm-25.3 0h2.9V.6H19v1.1h3.2v31h-3.7v1.1h12.2v-1.1h-3.1v-31zM0 1.7h4.2v31H0v1.1h13.1v-1.1H9.6V16.6h2.9c1.5 0 1.8 2.8 1.7 4.3h1.1V10.7h-1.1c.1 1.7-.3 4.9-1.7 4.9H9.7v-14c1.8.1 4.6.2 5.9 1.6 1.7 1.7 1.6 4.2 1.8 6.5h.8v-9H0v1z"></path><title>The Australian Financial Review</title></svg></a></div><div class="_239c56e5f1096c47bbf8"><button aria-expanded="false" class="_672b5094d47d93427f1b _1081cecf9dc4560513de" data-click-outside-ignore="true" data-testid="Header-menuButton" type="button"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85" focusable="false" height="1em" aria-hidden="true" width="1em"><path stroke="currentColor" d="M1 3h14M1 8h11M1 13h8"></path></svg><span class="f37810c82af023bf1cef">Menu</span></button><button aria-expanded="false" class="fee193181556726e0e79 _1081cecf9dc4560513de" data-click-outside-ignore="true" data-testid="Header-searchButton" type="button"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85" focusable="false" height="1em" aria-hidden="true" width="1em"><g fill="none" fill-rule="evenodd" stroke="currentColor"><path stroke-linejoin="round" d="M11.667 6.333A5.334 5.334 0 1 1 1 6.333a5.334 5.334 0 0 1 10.667 0Z"></path><path d="m10.32 10.32 4.91 4.91"></path></g></svg><span class="aeee9f7ef1219d6c200d">Search</span></button></div><div class="_439b54deaab428778c65"><a class="_67956117f165a4cff93d" href="/newsfeed/about"><span>Newsfeed</span></a></div><div class="eda40aff08ffe391b412"><div class="_44dc532685d7e54363fc"><a class="_67956117f165a4cff93d" href="/newsfeed/about"><span>Newsfeed</span></a></div><span class="_4c95276b691630515d48"></span></div></div></div><div class="_1ac5f6495f084eb92a20"><nav class="_1126f624dfcbad5ff908" data-testid="HeaderNavigation" style="min-height:0px"><ul class="_7dd17e4471ca72aae151" data-testid="HeaderNavigation-primaryNavigationList"><li class="_94c0d6187465408ab0b7"><a class="_3a4f8318fb3b41dfd84f" data-testid="HeaderNavigation-primaryNavigationLink" href="/">Home</a></li><li class="_94c0d6187465408ab0b7"><a class="_3a4f8318fb3b41dfd84f" data-testid="HeaderNavigation-primaryNavigationLink" href="/companies">Companies</a><ul class="_66adb2df75ee932c919d e41bdc7ce7d384e5ec29" data-testid="HeaderNavigation-secondaryNavigationList"><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/companies/financial-services">Financial Services</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/companies/mining">Mining</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/companies/professional-services">Professional Services</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/companies/retail">Retail</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/companies/telecommunications">Telecommunications</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/companies/energy">Energy</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/companies/healthcare-and-fitness">Healthcare & Fitness</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/companies/infrastructure">Infrastructure</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/companies/transport">Transport</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/companies/media-and-marketing">Media & Marketing</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/companies/games-and-wagering">Gaming & Wagering</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/companies/manufacturing">Manufacturing</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/companies/agriculture">Agriculture</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/companies/sport">Sport</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/companies/tourism">Tourism</a></li></ul></li><li class="_94c0d6187465408ab0b7"><a class="_3a4f8318fb3b41dfd84f" data-testid="HeaderNavigation-primaryNavigationLink" href="/markets">Markets</a><ul class="_66adb2df75ee932c919d" data-testid="HeaderNavigation-secondaryNavigationList"><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/markets/equity-markets">Equity markets</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/markets/commodities">Commodities</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/markets/currencies">Currencies</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/markets/debt-markets">Debt markets</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/topic/markets-live-1po">Markets Live</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/markets-data">Markets Data</a></li></ul></li><li class="_94c0d6187465408ab0b7"><a class="_3a4f8318fb3b41dfd84f" data-testid="HeaderNavigation-primaryNavigationLink" href="/street-talk">Street Talk</a></li><li class="_94c0d6187465408ab0b7"><a class="_3a4f8318fb3b41dfd84f" data-testid="HeaderNavigation-primaryNavigationLink" href="/politics">Politics</a><ul class="_66adb2df75ee932c919d" data-testid="HeaderNavigation-secondaryNavigationList"><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/politics/federal">Federal</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/topic/canberra-observed-1myt">Canberra Observed</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/politics/federal/election">Federal Election</a></li></ul></li><li class="_94c0d6187465408ab0b7"><a class="_3a4f8318fb3b41dfd84f" data-testid="HeaderNavigation-primaryNavigationLink" href="/policy">Policy</a><ul class="_66adb2df75ee932c919d" data-testid="HeaderNavigation-secondaryNavigationList"><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/carbon-challenge">Carbon Challenge</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/policy/economy">Economy</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/policy/energy-and-climate">Energy & Climate</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/policy/foreign-affairs">Foreign Affairs & Security</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/policy/tax-and-super">Tax & Super</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/policy/health-and-education">Health & Education</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/topic/public-service-60z">Public Service</a></li></ul></li><li class="_94c0d6187465408ab0b7"><a class="_3a4f8318fb3b41dfd84f" data-testid="HeaderNavigation-primaryNavigationLink" href="/world">World</a><ul class="_66adb2df75ee932c919d e41bdc7ce7d384e5ec29" data-testid="HeaderNavigation-secondaryNavigationList"><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/world/north-america">North America</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/us-election-2024">US Election 2024</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/world/asia">Asia</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/world/europe">Europe</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/world/middle-east">Middle East</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/world/pacific">Pacific</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/world/south-america">South America</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/world/central-america">Central America</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/world/africa">Africa</a></li></ul></li><li class="_94c0d6187465408ab0b7"><a class="_3a4f8318fb3b41dfd84f" data-testid="HeaderNavigation-primaryNavigationLink" href="/property">Property</a><ul class="_66adb2df75ee932c919d" data-testid="HeaderNavigation-secondaryNavigationList"><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/property/residential">Residential</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/property/commercial">Commercial</a></li></ul></li><li class="_94c0d6187465408ab0b7"><a class="_3a4f8318fb3b41dfd84f" data-testid="HeaderNavigation-primaryNavigationLink" href="/technology">Technology</a><ul class="_66adb2df75ee932c919d" data-testid="HeaderNavigation-secondaryNavigationList"><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/topic/fintech-hpb">Fintech</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/topic/start-ups-629">Start-ups</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/topic/social-media-621">Social Media</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/topic/enterprise-it-hw5">Enterprise IT</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/topic/technology-reviews-i0x">Technology Reviews</a></li></ul></li><li class="_94c0d6187465408ab0b7"><a class="_3a4f8318fb3b41dfd84f" data-testid="HeaderNavigation-primaryNavigationLink" href="/opinion">Opinion</a><ul class="_66adb2df75ee932c919d" data-testid="HeaderNavigation-secondaryNavigationList"><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/the-afr-view">The AFR View</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/chanticleer">Chanticleer</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/rear-window">Rear Window</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/opinion/letters-to-the-editor">Letters to the Editor</a></li></ul></li><li class="_94c0d6187465408ab0b7 e71bafa75ac55438e8c7"><a class="_3a4f8318fb3b41dfd84f e71bafa75ac55438e8c7" data-testid="HeaderNavigation-primaryNavigationLink" href="/wealth">Wealth</a><ul class="_66adb2df75ee932c919d" data-testid="HeaderNavigation-secondaryNavigationList"><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/wealth/investing">Investing</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/wealth/personal-finance">Personal Finance</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/wealth/superannuation">Superannuation & SMSFs</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/wealth/tax">Tax</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/wealth/people">People</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/rich-list">Rich List</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/young-rich">Young Rich</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/topic/wealth-generation-1nid">Wealth Generation</a></li></ul></li><li class="_94c0d6187465408ab0b7"><a class="_3a4f8318fb3b41dfd84f" data-testid="HeaderNavigation-primaryNavigationLink" href="/work-and-careers">Work & Careers</a><ul class="_66adb2df75ee932c919d e41bdc7ce7d384e5ec29" data-testid="HeaderNavigation-secondaryNavigationList"><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/work-and-careers/careers">Careers</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/work-and-careers/workplace">Workplace</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/work-and-careers/management">Management</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/work-and-careers/education">Education</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/work-and-careers/executive-education">Executive Education</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/work-and-careers/leaders">Leaders</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/boss">BOSS</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/lists/women-in-leadership">Women in Leadership</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/power-list">Power List</a></li></ul></li><li class="_94c0d6187465408ab0b7"><a class="_3a4f8318fb3b41dfd84f" data-testid="HeaderNavigation-primaryNavigationLink" href="/life-and-luxury">Life & Luxury</a><ul class="_66adb2df75ee932c919d e41bdc7ce7d384e5ec29" data-testid="HeaderNavigation-secondaryNavigationList"><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/life-and-luxury/travel">Travel</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/life-and-luxury/cars-bikes-and-boats">Cars, Bikes & Boats</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/life-and-luxury/health-and-wellness">Health & Wellness</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/life-and-luxury/food-and-wine">Food & Wine</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/life-and-luxury/fashion-and-style">Fashion & Style</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/life-and-luxury/arts-and-culture">Arts & Culture</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/life-and-luxury/design">Design</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/afr-magazine">AFR Magazine</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/fin-magazine">Fin! Magazine</a></li><li class="_833f92f838186ea189fe"><a class="db019a8eacbea3421ce4" data-testid="HeaderNavigation-secondaryNavigationLink" href="/life-and-leisure">Life & Leisure</a></li></ul></li></ul></nav></div></header></div><nav aria-hidden="true" class="_1528878c3c7476209d86" data-testid="PrimaryNavigation"><div class="_7bfd5fef83111e920b80" data-testid="PrimaryNavigation-navigationHeader"><button class="eb21d7dd9d0ca760d6a6" data-testid="PrimaryNavigation-close" type="button"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 12 12" class="dd6db77aa2c85e94be85" aria-labelledby="/wealth/investing/buffett-s-499b-cash-hoard-is-an-early-warning-signal-20241122-p5ksvoclose-title" focusable="false" height="1em" aria-label="Close menu" role="img" width="1em"><g fill="none" fill-rule="evenodd" stroke="currentColor"><path d="M11.27.73 6.02 5.98.73 11.27M11.27 11.27 6.022 6.022.729.729"></path></g></svg></button><form action="/search/articles" autoComplete="on" class="c80716b85a48b3ca6e62" data-testid="SearchInput" method="get" role="search"><label class="_5f8e5752dc8992db7876" for="sideNav">Search</label><input type="text" class="_2dba901609255f94136f _3f44d72ac4082eca1f15" data-testid="SearchInput-input" id="sideNav" maxLength="100" minLength="2" name="text" placeholder="Search The Australian Financial Review" required="" value=""/><div class="_75079df7aca8469b664a"><button class="_4732b9959ebd4744a13a" data-testid="SearchInput-submit-button" type="submit"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 b225502ee7d11dc6edda" aria-labelledby="search inputsearch-title" focusable="false" height="1em" aria-label="Search" role="img" width="1em"><g fill="none" fill-rule="evenodd" stroke="currentColor"><path stroke-linejoin="round" d="M11.667 6.333A5.334 5.334 0 1 1 1 6.333a5.334 5.334 0 0 1 10.667 0Z"></path><path d="m10.32 10.32 4.91 4.91"></path></g></svg></button></div></form></div><ul class="c75fcbfdee3c4294b171" data-testid="PrimaryNavigationItems"><li class="ae57d4cce4dd908ba8c8" data-testid="PrimaryNavigationItems-listItem"><a class="_8dd23c992f54f518521f" data-testid="PrimaryNavigationItems-link" href="/"><span class="bea4207391deb974d091">Home</span></a></li><li class="ae57d4cce4dd908ba8c8"><a class="_8dd23c992f54f518521f" data-testid="PrimaryNavigationItems-link" href="/companies"><span class="bea4207391deb974d091">Companies</span></a><button aria-expanded="false" class="d4a735f3d12c25ccd4e3" data-testid="SecondaryNavigationItems-expandButton" role="tab" tabindex="0" type="button"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85" aria-labelledby="714chevrondown-title" focusable="false" height="1em" aria-label="Expand" role="img" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></button></li><li class="ae57d4cce4dd908ba8c8"><a class="_8dd23c992f54f518521f" data-testid="PrimaryNavigationItems-link" href="/markets"><span class="bea4207391deb974d091">Markets</span></a><button aria-expanded="false" class="d4a735f3d12c25ccd4e3" data-testid="SecondaryNavigationItems-expandButton" role="tab" tabindex="0" type="button"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85" aria-labelledby="734chevrondown-title" focusable="false" height="1em" aria-label="Expand" role="img" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></button></li><li class="ae57d4cce4dd908ba8c8" data-testid="PrimaryNavigationItems-listItem"><a class="_8dd23c992f54f518521f" data-testid="PrimaryNavigationItems-link" href="/street-talk"><span class="bea4207391deb974d091">Street Talk</span></a></li><li class="ae57d4cce4dd908ba8c8"><a class="_8dd23c992f54f518521f" data-testid="PrimaryNavigationItems-link" href="/politics"><span class="bea4207391deb974d091">Politics</span></a><button aria-expanded="false" class="d4a735f3d12c25ccd4e3" data-testid="SecondaryNavigationItems-expandButton" role="tab" tabindex="0" type="button"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85" aria-labelledby="707chevrondown-title" focusable="false" height="1em" aria-label="Expand" role="img" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></button></li><li class="ae57d4cce4dd908ba8c8"><a class="_8dd23c992f54f518521f" data-testid="PrimaryNavigationItems-link" href="/policy"><span class="bea4207391deb974d091">Policy</span></a><button aria-expanded="false" class="d4a735f3d12c25ccd4e3" data-testid="SecondaryNavigationItems-expandButton" role="tab" tabindex="0" type="button"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85" aria-labelledby="708chevrondown-title" focusable="false" height="1em" aria-label="Expand" role="img" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></button></li><li class="ae57d4cce4dd908ba8c8"><a class="_8dd23c992f54f518521f" data-testid="PrimaryNavigationItems-link" href="/world"><span class="bea4207391deb974d091">World</span></a><button aria-expanded="false" class="d4a735f3d12c25ccd4e3" data-testid="SecondaryNavigationItems-expandButton" role="tab" tabindex="0" type="button"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85" aria-labelledby="710chevrondown-title" focusable="false" height="1em" aria-label="Expand" role="img" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></button></li><li class="ae57d4cce4dd908ba8c8"><a class="_8dd23c992f54f518521f" data-testid="PrimaryNavigationItems-link" href="/property"><span class="bea4207391deb974d091">Property</span></a><button aria-expanded="false" class="d4a735f3d12c25ccd4e3" data-testid="SecondaryNavigationItems-expandButton" role="tab" tabindex="0" type="button"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85" aria-labelledby="742chevrondown-title" focusable="false" height="1em" aria-label="Expand" role="img" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></button></li><li class="ae57d4cce4dd908ba8c8"><a class="_8dd23c992f54f518521f" data-testid="PrimaryNavigationItems-link" href="/technology"><span class="bea4207391deb974d091">Technology</span></a><button aria-expanded="false" class="d4a735f3d12c25ccd4e3" data-testid="SecondaryNavigationItems-expandButton" role="tab" tabindex="0" type="button"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85" aria-labelledby="749chevrondown-title" focusable="false" height="1em" aria-label="Expand" role="img" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></button></li><li class="ae57d4cce4dd908ba8c8"><a class="_8dd23c992f54f518521f" data-testid="PrimaryNavigationItems-link" href="/opinion"><span class="bea4207391deb974d091">Opinion</span></a><button aria-expanded="false" class="d4a735f3d12c25ccd4e3" data-testid="SecondaryNavigationItems-expandButton" role="tab" tabindex="0" type="button"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85" aria-labelledby="745chevrondown-title" focusable="false" height="1em" aria-label="Expand" role="img" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></button></li><li class="ae57d4cce4dd908ba8c8"><a class="_8dd23c992f54f518521f _2560f384963702bbf74a" data-testid="PrimaryNavigationItems-link" href="/wealth"><span class="bea4207391deb974d091">Wealth</span></a><button aria-expanded="false" class="d4a735f3d12c25ccd4e3" data-testid="SecondaryNavigationItems-expandButton" role="tab" tabindex="0" type="button"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85" aria-labelledby="759chevrondown-title" focusable="false" height="1em" aria-label="Expand" role="img" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></button></li><li class="ae57d4cce4dd908ba8c8"><a class="_8dd23c992f54f518521f" data-testid="PrimaryNavigationItems-link" href="/work-and-careers"><span class="bea4207391deb974d091">Work & Careers</span></a><button aria-expanded="false" class="d4a735f3d12c25ccd4e3" data-testid="SecondaryNavigationItems-expandButton" role="tab" tabindex="0" type="button"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85" aria-labelledby="771chevrondown-title" focusable="false" height="1em" aria-label="Expand" role="img" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></button></li><li class="ae57d4cce4dd908ba8c8"><a class="_8dd23c992f54f518521f" data-testid="PrimaryNavigationItems-link" href="/life-and-luxury"><span class="bea4207391deb974d091">Life & Luxury</span></a><button aria-expanded="false" class="d4a735f3d12c25ccd4e3" data-testid="SecondaryNavigationItems-expandButton" role="tab" tabindex="0" type="button"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85" aria-labelledby="779chevrondown-title" focusable="false" height="1em" aria-label="Expand" role="img" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></button></li></ul><div class="ba2bf899c254a8cac754"><h2 class="_2b16f150cabb0559269b">More</h2><ul class="_9786787c6c691879dd60"><li class="fff80261e81c5a0e85ef"><a class="_9db8990a164b29005d45" data-testid="TodaysPaper" href="/todays-paper">Today's Paper</a></li><li class="fff80261e81c5a0e85ef"><a href="/markets-data">Markets Data</a></li><li class="fff80261e81c5a0e85ef"><a href="/afrlive">Events</a></li><li class="fff80261e81c5a0e85ef"><a href="/lists-and-awards">Lists</a></li></ul></div></nav><div class="_2a1acfcae7f6b3d59b3e"><span class="_8dfa8ec451a4140624ea" id="stickyLeaderboard"><div class="_3eaacab240fc7c859667"><div class="adWrapper _4ea0aa84b71a8a06c45e _3c497d7166db5ae330bd" data-testid="ad-wrapper"><div class="" id="adspot-320x60_320x50_300x50-pos1-mobile"></div><div class="" id="adspot-728x90-pos1-tablet"></div><div class="" id="adspot-970x250_728x90-pos1-desktop"></div><small class="acd99af3e011c9b90ee4">Advertisement</small></div></div></span><article class="_81c3809be93a7e7fb14e" id="content"><div class="_22c827a7b933a1dbb290"><script type="application/ld+json">{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","item":{"@id":"https://www.afr.com/wealth","name":"Wealth"},"position":1},{"@type":"ListItem","item":{"@id":"https://www.afr.com/wealth/investing","name":"Investing"},"position":2}]}</script><ul class="beb2a16855396a5a95bd" data-testid="ArticleBreadcrumb-Links"><li class="ea4a3a24a4e0527bdedd"><a class="afe60c583f6ed0a32731" href="/wealth">Wealth</a></li><li class="ea4a3a24a4e0527bdedd"><a class="afe60c583f6ed0a32731" href="/wealth/investing">Investing</a></li></ul><button class="_716579094c3629694276" type="button">Print article</button></div><header class="_693893ae55902f49ec3e"><p class="_0f7daf472713d311bf2d">Opinion</p><h1 class="_4586f4e03f8e3136c57a">Buffett’s $499b cash hoard is an early warning signal</h1><p class="cf7e68400d4a2438fd54">The Berkshire Hathaway chief executive does not claim to be an expert at market predictions, but he knows when stocks are overpriced.</p><span class="_3bd8c88d1706a9f75b41"><span class="e7555d2b8069d2639f43"><strong>Nir Kaissar</strong></span></span></header><div class="_47207bf25e6443e48904"><section class="_7302278d284fb75d742b"><div class="_4d22830be8e035459d36" data-testid="ArticleTimestamp"><time data-testid="ArticleTimestamp-time">Nov 23, 2024 – 2.01pm</time></div><div class="_2a6dc840ff6bc204ff53" data-testid="ArticleTools"><div class="_9f146e4c46884f388d0e"><button aria-describedby="articleToolsLoginTooltip" class="_13dba38c2689588db954 _7cd6d3a619318b4274cf" data-click-outside-ignore="true" data-testid="SaveArticle-button" type="button"><span class="_82522fbabfe2be1d6f63"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" class="dd6db77aa2c85e94be85" focusable="false" height="1em" aria-hidden="true" width="1em"><path stroke="#111" stroke-width="1.2" d="M6.607 5c0-.221.179-.4.4-.4H17c.22 0 .4.18.4.4v13.077a.4.4 0 0 1-.63.328l-3.851-2.702a1.6 1.6 0 0 0-1.838 0l-3.85 2.701a.4.4 0 0 1-.63-.328z"></path></svg></span><span class="_2ccae20c023bf51c13bc">Save</span></button><div class="_31bc85dc254f4453daf4 _2afe3b2fcf27e5bbe3f8" id="articleToolsLoginTooltip" role="tooltip"><div class="_6f92e836a27b20744e37" data-testid="SaveArticle-tooltip"><button class="_4ecee8b53e2d72a2da5a" type="button">Log in</button> or <a class="_0116d4a4b7eb04162795" data-testid="SaveArticle-subscribeLink" href="https://subscribe.afr.com/?promote_channel=HI_HL_GNL&utm_source=afr.com&utm_medium=HouseInventory&utm_campaign=General&utm_content=HDR">Subscribe</a> to save article</div></div></div><div class="_99dd6f9009292d7aeb9e" data-testid="ArticleSocialShare"><button class="d4865fc871ad4f8128a5 f2e28b49563f8438da51" data-testid="ArticleSocialShare-buttonShare" type="button"><span class="e357dace5add04bfeabc _2cf565c341307d2efcfb"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" class="dd6db77aa2c85e94be85" focusable="false" height="1em" aria-hidden="true" width="1em"><path stroke="#111" stroke-linejoin="round" stroke-width="1.2" d="M19 11.143 13.75 6v2.786C7.625 8.786 5.438 13.5 5 18c1.969-3 4.375-4.929 8.75-4.929v3.215z" clip-rule="evenodd"></path></svg></span><span class="a8795dddfcb83ad715dd">Share</span></button><div class=""><div class="_9895974b1a3ae7e5bab5"><div class="fe9e8b36a3eff1b5fcbf _0a8ee66b7b7366839756"><button class="a116591d3ceef8b5ab0a" type="button" aria-label="Close"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 12 12" class="dd6db77aa2c85e94be85" focusable="false" height="10" aria-hidden="true" width="10"><g fill="none" fill-rule="evenodd" stroke="currentColor"><path d="M11.27.73 6.02 5.98.73 11.27M11.27 11.27 6.022 6.022.729.729"></path></g></svg></button><div class="f791474cbe2c714c4bd0"><button data-testid="Share-gift-link-button" type="button" class="_75dbbb25387340e4087e"><div class="_1be89106bd7b8ef545a8"><p class="c8e136017a9b73092e31"><span class="_9770622eee2db5c95a59"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 12 14" class="dd6db77aa2c85e94be85" focusable="false" height="1em" aria-hidden="true" width="1em"><path fill="#111" d="M8.842.053H1.263C.568.053 0 .62 0 1.316v8.842h1.263V1.316h7.58zm1.895 2.526H3.789c-.694 0-1.263.568-1.263 1.263v8.842c0 .695.569 1.264 1.263 1.264h6.948c.695 0 1.263-.569 1.263-1.264V3.842c0-.695-.568-1.263-1.263-1.263m0 10.105H3.789V3.842h6.948z"></path></svg></span><span class="_993d8a0da0807e2c8cfa">Copy link</span></p><p class="c8e136017a9b73092e31"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" class="dd6db77aa2c85e94be85 _80514cfb6caa4fcf80c8" focusable="false" height="24" aria-hidden="true" width="24"><path stroke="#0f6cc9" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.2" d="m8.088 12.679 3.276 3.52L16.904 9"></path></svg><span class="_80514cfb6caa4fcf80c8">Copied</span></p></div></button><a class="f84a6df3ed8758b1433d" data-testid="ArticleSocialShare-email" data-tracking-name="email" href="mailto:?subject=Buffett’s $499b cash hoard is an early warning signal&body=I would like to share something with you%0Ahttps://www.afr.com/wealth/investing/buffett-s-499b-cash-hoard-is-an-early-warning-signal-20241122-p5ksvo"><span class="_9770622eee2db5c95a59"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" class="dd6db77aa2c85e94be85 eb17973c47e18dbf0cb6" focusable="false" height="1em" aria-hidden="true" width="1em"><path fill="#000" d="M20 7.5c0-.825-.72-1.5-1.6-1.5H5.6C4.72 6 4 6.675 4 7.5v9c0 .825.72 1.5 1.6 1.5h12.8c.88 0 1.6-.675 1.6-1.5zm-1.6 0L12 11.25 5.6 7.5zm0 9H5.6V9l6.4 3.75L18.4 9z"></path></svg></span><span class="_993d8a0da0807e2c8cfa">Email</span></a><a class="_2269a9f261316a3ecc7f" data-testid="ArticleSocialShare-linkedIn" data-tracking-name="linkedIn" href="http://www.linkedin.com/shareArticle?mini=true&url=https://www.afr.com/wealth/investing/buffett-s-499b-cash-hoard-is-an-early-warning-signal-20241122-p5ksvo&title=Buffett’s $499b cash hoard is an early warning signal&summary=The Berkshire Hathaway chief executive does not claim to be an expert at market predictions, but he knows when stocks are overpriced." target="_blank" rel="noopener noreferrer"><span class="_9770622eee2db5c95a59"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="linkedin_svg__a" d="M1.153 15V5.433h3.016V15zm10.44-9.79c1.024 0 1.893.356 2.506 1.021.664.817.9 1.84.9 3.17V15h-2.945V9.707c0-.614-.101-1.125-.357-1.483-.256-.357-.614-.562-1.176-.562-.408 0-.716.102-.971.306-.256.205-.46.46-.562.767-.051.205-.103.41-.103.716V15H5.87V5.413h3.015v1.33c.103-.205.256-.359.359-.512.1-.153.306-.307.51-.46s.46-.307.819-.409a3.3 3.3 0 0 1 1.02-.153zM2.658 1q.753 0 1.204.452c.302.301.452.652.452 1.105 0 .451-.15.802-.452 1.104-.3.301-.702.402-1.204.402q-.754 0-1.205-.453A1.44 1.44 0 0 1 1 2.557c0-.453.15-.804.452-1.105Q1.903 1 2.657 1z"></path></defs><use xlink:href="#linkedin_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></span><span class="_993d8a0da0807e2c8cfa">LinkedIn</span></a><a class="_0366ba820709b49349a7" data-show-count="false" data-testid="ArticleSocialShare-twitter" data-tracking-name="twitter" data-via="@FinancialReview" href="https://twitter.com/share?url=https://www.afr.com/wealth/investing/buffett-s-499b-cash-hoard-is-an-early-warning-signal-20241122-p5ksvo&text=Buffett’s $499b cash hoard is an early warning signal" target="_blank" rel="noopener noreferrer"><span class="_9770622eee2db5c95a59"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 1200 1227" class="dd6db77aa2c85e94be85 _20680d50a26f87dfdbf1" focusable="false" height="1em" aria-hidden="true" width="1em"><path fill="#fff" d="M714.163 519.284 1160.89 0h-105.86L667.137 450.887 357.328 0H0l468.492 681.821L0 1226.37h105.866l409.625-476.152 327.181 476.152H1200L714.137 519.284zM569.165 687.828l-47.468-67.894-377.686-540.24h162.604l304.797 435.991 47.468 67.894 396.2 566.721H892.476L569.165 687.854z"></path></svg></span><span class="_993d8a0da0807e2c8cfa">Twitter</span></a><a aria-label="Facebook" class="_6405f6b68f682a8afb13" data-testid="ArticleSocialShare-facebook" data-tracking-name="facebook" href="https://www.facebook.com/sharer/sharer.php?u=https://www.afr.com/wealth/investing/buffett-s-499b-cash-hoard-is-an-early-warning-signal-20241122-p5ksvo&title=Buffett’s $499b cash hoard is an early warning signal" target="_blank" rel="noopener noreferrer"><span class="_9770622eee2db5c95a59"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _830007722e68455d0136" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="facebook_svg__a" d="M8.719 15V8.614h2.144l.32-2.499-2.464.01V4.536c0-.721.2-1.212 1.233-1.212h1.319V1.098A18 18 0 0 0 9.35 1c-1.9 0-3.2 1.16-3.2 3.29v1.835H4v2.489h2.15V15z"></path></defs><use xlink:href="#facebook_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></span><span class="_993d8a0da0807e2c8cfa">Facebook</span></a></div><div class="_2471aeb4844b834a7e14"><button data-testid="Share-gift-link-button" type="button" class="_75dbbb25387340e4087e"><div class="_1be89106bd7b8ef545a8"><p class="c8e136017a9b73092e31"><span class="_9770622eee2db5c95a59"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 12 14" class="dd6db77aa2c85e94be85" focusable="false" height="1em" aria-hidden="true" width="1em"><path fill="#111" d="M8.842.053H1.263C.568.053 0 .62 0 1.316v8.842h1.263V1.316h7.58zm1.895 2.526H3.789c-.694 0-1.263.568-1.263 1.263v8.842c0 .695.569 1.264 1.263 1.264h6.948c.695 0 1.263-.569 1.263-1.264V3.842c0-.695-.568-1.263-1.263-1.263m0 10.105H3.789V3.842h6.948z"></path></svg></span><span class="_993d8a0da0807e2c8cfa">Copy link</span></p><p class="c8e136017a9b73092e31"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" class="dd6db77aa2c85e94be85 _80514cfb6caa4fcf80c8" focusable="false" height="24" aria-hidden="true" width="24"><path stroke="#0f6cc9" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.2" d="m8.088 12.679 3.276 3.52L16.904 9"></path></svg><span class="_80514cfb6caa4fcf80c8">Copied</span></p></div></button><button data-testid="Share-gift-link-button" type="button" class="_75dbbb25387340e4087e _39a4d6042b2b091f8dc2"><span class="_9770622eee2db5c95a59"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 15 15" class="dd6db77aa2c85e94be85 _9db1f8ea89509397e07d" focusable="false" height="1em" aria-hidden="true" width="1em"><g stroke="#111" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.2"><path d="M4.084 4.667H2.167a1 1 0 0 0-1 1v7.166a1 1 0 0 0 1 1h8a1 1 0 0 0 1-1V9.25M11.167 1.333l2.5 2.5-2.5 2.5"></path><path d="M13.25 3.833h-3.11c-2.194 0-3.973 1.76-3.973 3.929v1.071"></path></g></svg></span><span class="_91c9f747ad5f91b00d77">Share via...</span></button></div></div></div></div></div><div class="a71a4d6de44cce6ede61" data-testid="ArticleGiftArticle"><button class="_1c1e2f676d0f5e7f7909" data-testid="GiftArticle-button" type="button"><span class="_0dc87a9321572a19974f _2cf565c341307d2efcfb"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 25 24" class="dd6db77aa2c85e94be85" focusable="false" height="1em" aria-hidden="true" width="1em"><path fill="#111" fill-rule="evenodd" d="M3.9 8.478a.6.6 0 0 1 .6-.6h15.844a.6.6 0 0 1 .6.6v2.755a.6.6 0 0 1-.6.6H4.5a.6.6 0 0 1-.6-.6zm1.2.6v1.555h14.644V9.078z" clip-rule="evenodd"></path><path fill="#111" fill-rule="evenodd" d="M4.589 11.233a.6.6 0 0 1 .6-.6h14.467a.6.6 0 0 1 .6.6V19.5a.6.6 0 0 1-.6.6H5.188a.6.6 0 0 1-.6-.6zm1.2.6V18.9h13.267v-7.067z" clip-rule="evenodd"></path><path fill="#111" fill-rule="evenodd" d="M9.411 19.5V8.478h1.2V19.5zM15.433 8.478V19.5h-1.2V8.478z" clip-rule="evenodd"></path><path fill="#111" fill-rule="evenodd" d="M15.895 4.929a1.123 1.123 0 0 0-1.587 0c-.077.076-.215.304-.384.702-.158.372-.313.818-.451 1.255-.074.231-.141.458-.2.665.207-.06.433-.127.665-.2.436-.138.882-.293 1.254-.45.399-.17.626-.308.703-.385a1.123 1.123 0 0 0 0-1.587M12.422 8.4l-.582-.142.002-.01.007-.03.027-.106a33 33 0 0 1 .452-1.589c.144-.453.312-.94.491-1.362.168-.395.38-.823.64-1.082a2.323 2.323 0 0 1 3.285 3.284c-.26.26-.688.473-1.083.64a16 16 0 0 1-1.362.491 30 30 0 0 1-1.695.48l-.028.007-.008.001h-.002s-.001.001-.144-.582m0 0 .144.583a.602.602 0 0 1-.726-.725z" clip-rule="evenodd"></path><path fill="#111" fill-rule="evenodd" d="M8.101 4.08a2.323 2.323 0 0 1 3.284 0c.26.26.473.687.64 1.082.18.422.348.909.49 1.362a30 30 0 0 1 .48 1.695l.007.03.002.007v.002l-.582.143-.143.583h-.002l-.008-.002-.029-.008a21 21 0 0 1-.489-.127 30 30 0 0 1-1.206-.352c-.453-.143-.94-.311-1.362-.49-.395-.168-.823-.381-1.082-.64a2.323 2.323 0 0 1 0-3.285M12.422 8.4l-.143.583a.6.6 0 0 0 .726-.726zm-.85-.85c-.06-.207-.127-.434-.2-.665a15 15 0 0 0-.451-1.255c-.17-.398-.307-.626-.384-.702a1.123 1.123 0 0 0-1.588 1.587c.077.077.305.215.703.384.372.158.818.313 1.255.451.231.073.458.14.665.2" clip-rule="evenodd"></path></svg></span><span class="a8795dddfcb83ad715dd">Gift this article <div data-testid="Label-new" class="_3fbc02206dd8b1c74a7d">New</div></span></button><div class=""><div class="_97f224ea82c75c120440"><div class="_484bfbd8af6e9b38c490 _6dac7bb70d5d5d8a771b ba22c1812d2b27916259"><button class="_658fc1521f5561bd1c64" type="button" aria-label="Close"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 12 12" class="dd6db77aa2c85e94be85" focusable="false" height="10" aria-hidden="true" width="10"><g fill="none" fill-rule="evenodd" stroke="currentColor"><path d="M11.27.73 6.02 5.98.73 11.27M11.27 11.27 6.022 6.022.729.729"></path></g></svg></button><p class="_53c90ec3429d93c7f693" data-testid="Modal-title">Subscribe to gift this article</p><p class="_2b3ce025e5cbb6cec24c _4caa6be900319bfd3106" data-testid="Modal-description"><span>Gift 5 articles to anyone you choose each month when you subscribe.</span></p><a data-testid="Modal-subscribe-button" href="https://subscribe.afr.com/?promote_channel=HI_AGFT_GNL_GIFTCTA&utm_source=ArticleGifting&utm_medium=HouseInventory&utm_campaign=General&utm_content=GiftCTA" class="f6dfc6f770f1c16f22f5">Subscribe now</a><p class="_1c7a5940e3812685c336">Already a subscriber? <button data-testid="Modal-login-button" type="button">Login</button></p></div></div></div></div></div></section></div><div class="_7653fd52bc3d0a84caca _7c5f7f871bf4797f6a64"><div class="d747b0326f1285bf4d90" id="endOfArticle"><p>Berkshire Hathaway reported its stock holdings last week — a widely anticipated quarterly update of Warren Buffett’s latest trades. There were some notable ones, including the addition of Domino’s Pizza to Berkshire’s portfolio and <a href="https://www.afr.com/wealth/investing/buffett-halves-his-apple-stake-in-116b-stock-dump-20240803-p5jz7j">more trimming of its stake in Apple</a>.</p><p>But those moves have been overshadowed by Berkshire’s $US325 billion ($499 billion) cash hoard, nearly double the company’s cash balance at year-end, and the most Buffett has ever amassed. It also comes at a time when Buffett’s favourite valuation gauge — a ratio of <a href="https://www.afr.com/chanticleer/markets-are-dangerously-bullish-this-is-the-crucial-number-to-watch-20241118-p5krf2">the stock market’s value</a> relative to the size of the US economy – is at a record high.</p><div class="_398b6c5e39701f15a1a2">Loading...<figure></figure><figure></figure><figure></figure><figure></figure></div><p class="_1268f19c7f6065fd8869">Bloomberg Opinion</p><div></div></div><div class="a3b28a4f67a674b57863" data-testid="ArticleFooter"><div class="_9e5858bb5e9aa47354b4"><div class="_9f146e4c46884f388d0e"><button aria-describedby="articleFooterLoginTooltip" class="_13dba38c2689588db954 _7cd6d3a619318b4274cf" data-click-outside-ignore="true" data-testid="SaveArticle-button" type="button"><span class="_82522fbabfe2be1d6f63"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" class="dd6db77aa2c85e94be85" focusable="false" height="1em" aria-hidden="true" width="1em"><path stroke="#111" stroke-width="1.2" d="M6.607 5c0-.221.179-.4.4-.4H17c.22 0 .4.18.4.4v13.077a.4.4 0 0 1-.63.328l-3.851-2.702a1.6 1.6 0 0 0-1.838 0l-3.85 2.701a.4.4 0 0 1-.63-.328z"></path></svg></span><span class="_2ccae20c023bf51c13bc">Save</span></button><div class="_31bc85dc254f4453daf4 _2afe3b2fcf27e5bbe3f8" id="articleFooterLoginTooltip" role="tooltip"><div class="_6f92e836a27b20744e37" data-testid="SaveArticle-tooltip"><button class="_4ecee8b53e2d72a2da5a" type="button">Log in</button> or <a class="_0116d4a4b7eb04162795" data-testid="SaveArticle-subscribeLink" href="https://subscribe.afr.com/?promote_channel=HI_HL_GNL&utm_source=afr.com&utm_medium=HouseInventory&utm_campaign=General&utm_content=HDR">Subscribe</a> to save article</div></div></div><div class="_99dd6f9009292d7aeb9e" data-testid="ArticleSocialShare"><button class="d4865fc871ad4f8128a5 _225f0fe8e23da28b0820" data-testid="ArticleSocialShare-buttonShare" type="button"><span class="e357dace5add04bfeabc c56ad3065bbcd656f85f"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" class="dd6db77aa2c85e94be85" focusable="false" height="1em" aria-hidden="true" width="1em"><path stroke="#111" stroke-linejoin="round" stroke-width="1.2" d="M19 11.143 13.75 6v2.786C7.625 8.786 5.438 13.5 5 18c1.969-3 4.375-4.929 8.75-4.929v3.215z" clip-rule="evenodd"></path></svg></span><span class="_962aad1d44df97e30852">Share</span></button><div class=""><div class="_9895974b1a3ae7e5bab5"><div class="fe9e8b36a3eff1b5fcbf _0a8ee66b7b7366839756"><button class="a116591d3ceef8b5ab0a" type="button" aria-label="Close"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 12 12" class="dd6db77aa2c85e94be85" focusable="false" height="10" aria-hidden="true" width="10"><g fill="none" fill-rule="evenodd" stroke="currentColor"><path d="M11.27.73 6.02 5.98.73 11.27M11.27 11.27 6.022 6.022.729.729"></path></g></svg></button><div class="f791474cbe2c714c4bd0"><button data-testid="Share-gift-link-button" type="button" class="_75dbbb25387340e4087e"><div class="_1be89106bd7b8ef545a8"><p class="c8e136017a9b73092e31"><span class="_9770622eee2db5c95a59"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 12 14" class="dd6db77aa2c85e94be85" focusable="false" height="1em" aria-hidden="true" width="1em"><path fill="#111" d="M8.842.053H1.263C.568.053 0 .62 0 1.316v8.842h1.263V1.316h7.58zm1.895 2.526H3.789c-.694 0-1.263.568-1.263 1.263v8.842c0 .695.569 1.264 1.263 1.264h6.948c.695 0 1.263-.569 1.263-1.264V3.842c0-.695-.568-1.263-1.263-1.263m0 10.105H3.789V3.842h6.948z"></path></svg></span><span class="_993d8a0da0807e2c8cfa">Copy link</span></p><p class="c8e136017a9b73092e31"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" class="dd6db77aa2c85e94be85 _80514cfb6caa4fcf80c8" focusable="false" height="24" aria-hidden="true" width="24"><path stroke="#0f6cc9" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.2" d="m8.088 12.679 3.276 3.52L16.904 9"></path></svg><span class="_80514cfb6caa4fcf80c8">Copied</span></p></div></button><a class="f84a6df3ed8758b1433d" data-testid="ArticleSocialShare-email" data-tracking-name="email" href="mailto:?subject=Buffett’s $499b cash hoard is an early warning signal&body=I would like to share something with you%0Ahttps://www.afr.com/wealth/investing/buffett-s-499b-cash-hoard-is-an-early-warning-signal-20241122-p5ksvo"><span class="_9770622eee2db5c95a59"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" class="dd6db77aa2c85e94be85 eb17973c47e18dbf0cb6" focusable="false" height="1em" aria-hidden="true" width="1em"><path fill="#000" d="M20 7.5c0-.825-.72-1.5-1.6-1.5H5.6C4.72 6 4 6.675 4 7.5v9c0 .825.72 1.5 1.6 1.5h12.8c.88 0 1.6-.675 1.6-1.5zm-1.6 0L12 11.25 5.6 7.5zm0 9H5.6V9l6.4 3.75L18.4 9z"></path></svg></span><span class="_993d8a0da0807e2c8cfa">Email</span></a><a class="_2269a9f261316a3ecc7f" data-testid="ArticleSocialShare-linkedIn" data-tracking-name="linkedIn" href="http://www.linkedin.com/shareArticle?mini=true&url=https://www.afr.com/wealth/investing/buffett-s-499b-cash-hoard-is-an-early-warning-signal-20241122-p5ksvo&title=Buffett’s $499b cash hoard is an early warning signal&summary=The Berkshire Hathaway chief executive does not claim to be an expert at market predictions, but he knows when stocks are overpriced." target="_blank" rel="noopener noreferrer"><span class="_9770622eee2db5c95a59"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="linkedin_svg__a" d="M1.153 15V5.433h3.016V15zm10.44-9.79c1.024 0 1.893.356 2.506 1.021.664.817.9 1.84.9 3.17V15h-2.945V9.707c0-.614-.101-1.125-.357-1.483-.256-.357-.614-.562-1.176-.562-.408 0-.716.102-.971.306-.256.205-.46.46-.562.767-.051.205-.103.41-.103.716V15H5.87V5.413h3.015v1.33c.103-.205.256-.359.359-.512.1-.153.306-.307.51-.46s.46-.307.819-.409a3.3 3.3 0 0 1 1.02-.153zM2.658 1q.753 0 1.204.452c.302.301.452.652.452 1.105 0 .451-.15.802-.452 1.104-.3.301-.702.402-1.204.402q-.754 0-1.205-.453A1.44 1.44 0 0 1 1 2.557c0-.453.15-.804.452-1.105Q1.903 1 2.657 1z"></path></defs><use xlink:href="#linkedin_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></span><span class="_993d8a0da0807e2c8cfa">LinkedIn</span></a><a class="_0366ba820709b49349a7" data-show-count="false" data-testid="ArticleSocialShare-twitter" data-tracking-name="twitter" data-via="@FinancialReview" href="https://twitter.com/share?url=https://www.afr.com/wealth/investing/buffett-s-499b-cash-hoard-is-an-early-warning-signal-20241122-p5ksvo&text=Buffett’s $499b cash hoard is an early warning signal" target="_blank" rel="noopener noreferrer"><span class="_9770622eee2db5c95a59"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 1200 1227" class="dd6db77aa2c85e94be85 _20680d50a26f87dfdbf1" focusable="false" height="1em" aria-hidden="true" width="1em"><path fill="#fff" d="M714.163 519.284 1160.89 0h-105.86L667.137 450.887 357.328 0H0l468.492 681.821L0 1226.37h105.866l409.625-476.152 327.181 476.152H1200L714.137 519.284zM569.165 687.828l-47.468-67.894-377.686-540.24h162.604l304.797 435.991 47.468 67.894 396.2 566.721H892.476L569.165 687.854z"></path></svg></span><span class="_993d8a0da0807e2c8cfa">Twitter</span></a><a aria-label="Facebook" class="_6405f6b68f682a8afb13" data-testid="ArticleSocialShare-facebook" data-tracking-name="facebook" href="https://www.facebook.com/sharer/sharer.php?u=https://www.afr.com/wealth/investing/buffett-s-499b-cash-hoard-is-an-early-warning-signal-20241122-p5ksvo&title=Buffett’s $499b cash hoard is an early warning signal" target="_blank" rel="noopener noreferrer"><span class="_9770622eee2db5c95a59"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _830007722e68455d0136" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="facebook_svg__a" d="M8.719 15V8.614h2.144l.32-2.499-2.464.01V4.536c0-.721.2-1.212 1.233-1.212h1.319V1.098A18 18 0 0 0 9.35 1c-1.9 0-3.2 1.16-3.2 3.29v1.835H4v2.489h2.15V15z"></path></defs><use xlink:href="#facebook_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></span><span class="_993d8a0da0807e2c8cfa">Facebook</span></a></div><div class="_2471aeb4844b834a7e14"><button data-testid="Share-gift-link-button" type="button" class="_75dbbb25387340e4087e"><div class="_1be89106bd7b8ef545a8"><p class="c8e136017a9b73092e31"><span class="_9770622eee2db5c95a59"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 12 14" class="dd6db77aa2c85e94be85" focusable="false" height="1em" aria-hidden="true" width="1em"><path fill="#111" d="M8.842.053H1.263C.568.053 0 .62 0 1.316v8.842h1.263V1.316h7.58zm1.895 2.526H3.789c-.694 0-1.263.568-1.263 1.263v8.842c0 .695.569 1.264 1.263 1.264h6.948c.695 0 1.263-.569 1.263-1.264V3.842c0-.695-.568-1.263-1.263-1.263m0 10.105H3.789V3.842h6.948z"></path></svg></span><span class="_993d8a0da0807e2c8cfa">Copy link</span></p><p class="c8e136017a9b73092e31"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" class="dd6db77aa2c85e94be85 _80514cfb6caa4fcf80c8" focusable="false" height="24" aria-hidden="true" width="24"><path stroke="#0f6cc9" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.2" d="m8.088 12.679 3.276 3.52L16.904 9"></path></svg><span class="_80514cfb6caa4fcf80c8">Copied</span></p></div></button><button data-testid="Share-gift-link-button" type="button" class="_75dbbb25387340e4087e _39a4d6042b2b091f8dc2"><span class="_9770622eee2db5c95a59"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 15 15" class="dd6db77aa2c85e94be85 _9db1f8ea89509397e07d" focusable="false" height="1em" aria-hidden="true" width="1em"><g stroke="#111" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.2"><path d="M4.084 4.667H2.167a1 1 0 0 0-1 1v7.166a1 1 0 0 0 1 1h8a1 1 0 0 0 1-1V9.25M11.167 1.333l2.5 2.5-2.5 2.5"></path><path d="M13.25 3.833h-3.11c-2.194 0-3.973 1.76-3.973 3.929v1.071"></path></g></svg></span><span class="_91c9f747ad5f91b00d77">Share via...</span></button></div></div></div></div></div><div class="a71a4d6de44cce6ede61" data-testid="ArticleGiftArticle"><button class="_1c1e2f676d0f5e7f7909 a221e202d19465d876fb" data-testid="GiftArticle-button" type="button"><span class="_0dc87a9321572a19974f c56ad3065bbcd656f85f"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 25 24" class="dd6db77aa2c85e94be85" focusable="false" height="1em" aria-hidden="true" width="1em"><path fill="#111" fill-rule="evenodd" d="M3.9 8.478a.6.6 0 0 1 .6-.6h15.844a.6.6 0 0 1 .6.6v2.755a.6.6 0 0 1-.6.6H4.5a.6.6 0 0 1-.6-.6zm1.2.6v1.555h14.644V9.078z" clip-rule="evenodd"></path><path fill="#111" fill-rule="evenodd" d="M4.589 11.233a.6.6 0 0 1 .6-.6h14.467a.6.6 0 0 1 .6.6V19.5a.6.6 0 0 1-.6.6H5.188a.6.6 0 0 1-.6-.6zm1.2.6V18.9h13.267v-7.067z" clip-rule="evenodd"></path><path fill="#111" fill-rule="evenodd" d="M9.411 19.5V8.478h1.2V19.5zM15.433 8.478V19.5h-1.2V8.478z" clip-rule="evenodd"></path><path fill="#111" fill-rule="evenodd" d="M15.895 4.929a1.123 1.123 0 0 0-1.587 0c-.077.076-.215.304-.384.702-.158.372-.313.818-.451 1.255-.074.231-.141.458-.2.665.207-.06.433-.127.665-.2.436-.138.882-.293 1.254-.45.399-.17.626-.308.703-.385a1.123 1.123 0 0 0 0-1.587M12.422 8.4l-.582-.142.002-.01.007-.03.027-.106a33 33 0 0 1 .452-1.589c.144-.453.312-.94.491-1.362.168-.395.38-.823.64-1.082a2.323 2.323 0 0 1 3.285 3.284c-.26.26-.688.473-1.083.64a16 16 0 0 1-1.362.491 30 30 0 0 1-1.695.48l-.028.007-.008.001h-.002s-.001.001-.144-.582m0 0 .144.583a.602.602 0 0 1-.726-.725z" clip-rule="evenodd"></path><path fill="#111" fill-rule="evenodd" d="M8.101 4.08a2.323 2.323 0 0 1 3.284 0c.26.26.473.687.64 1.082.18.422.348.909.49 1.362a30 30 0 0 1 .48 1.695l.007.03.002.007v.002l-.582.143-.143.583h-.002l-.008-.002-.029-.008a21 21 0 0 1-.489-.127 30 30 0 0 1-1.206-.352c-.453-.143-.94-.311-1.362-.49-.395-.168-.823-.381-1.082-.64a2.323 2.323 0 0 1 0-3.285M12.422 8.4l-.143.583a.6.6 0 0 0 .726-.726zm-.85-.85c-.06-.207-.127-.434-.2-.665a15 15 0 0 0-.451-1.255c-.17-.398-.307-.626-.384-.702a1.123 1.123 0 0 0-1.588 1.587c.077.077.305.215.703.384.372.158.818.313 1.255.451.231.073.458.14.665.2" clip-rule="evenodd"></path></svg></span><span class="_962aad1d44df97e30852">Gift this article <div data-testid="Label-new" class="_3fbc02206dd8b1c74a7d">New</div></span></button><div class=""><div class="_97f224ea82c75c120440"><div class="_484bfbd8af6e9b38c490 _6dac7bb70d5d5d8a771b ba22c1812d2b27916259"><button class="_658fc1521f5561bd1c64" type="button" aria-label="Close"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 12 12" class="dd6db77aa2c85e94be85" focusable="false" height="10" aria-hidden="true" width="10"><g fill="none" fill-rule="evenodd" stroke="currentColor"><path d="M11.27.73 6.02 5.98.73 11.27M11.27 11.27 6.022 6.022.729.729"></path></g></svg></button><p class="_53c90ec3429d93c7f693" data-testid="Modal-title">Subscribe to gift this article</p><p class="_2b3ce025e5cbb6cec24c _4caa6be900319bfd3106" data-testid="Modal-description"><span>Gift 5 articles to anyone you choose each month when you subscribe.</span></p><a data-testid="Modal-subscribe-button" href="https://subscribe.afr.com/?promote_channel=HI_AGFT_GNL_GIFTCTA&utm_source=ArticleGifting&utm_medium=HouseInventory&utm_campaign=General&utm_content=GiftCTA" class="f6dfc6f770f1c16f22f5">Subscribe now</a><p class="_1c7a5940e3812685c336">Already a subscriber? <button data-testid="Modal-login-button" type="button">Login</button></p></div></div></div></div></div><div class="_04e6bb68b3e939a415da"><div class="a0e3684462f3204d64f9"></div></div></div><div class="e85e06e04a3e5e88de26" data-testid="ArticleTags"><div class="_36044141968e1bd374ad _68a0aaec8563c4ef51f4" data-testid="NewsfeedArticleDriver" role="alert"><header class="bc0492bf9b8e5fb71d13"><h2 class="_49384332a793c955b66b">Introducing your <span class="_468ffeeb6427c04f84d5">Newsfeed</span></h2><button class="e58dfcd6cf980a62de76" data-testid="NewsfeedArticleDriver-close" type="button"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 12 12" class="dd6db77aa2c85e94be85" aria-labelledby="newsfeed article driverclose-title" focusable="false" height="1em" aria-label="Close" role="img" width="1em"><g fill="none" fill-rule="evenodd" stroke="currentColor"><path d="M11.27.73 6.02 5.98.73 11.27M11.27 11.27 6.022 6.022.729.729"></path></g></svg></button></header><div><p class="_93240887e2462c628ba3">Follow the topics, people and companies that matter to you.</p><a class="_95bd98cdf489fe730c57" href="/newsfeed/about">Find out more<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 24 24" class="dd6db77aa2c85e94be85 _53e6f7438fd4b3ebb501" focusable="false" height="1em" aria-hidden="true" width="1em"><path fill="#1976D2" fill-rule="nonzero" d="m20.87 12-4.24-4.664.74-.672 5.306 5.836-5.306 5.836-.74-.672L20.87 13H2v-1z"></path></svg></a></div></div><h3 class="_4c49332e1e0ee4f0b19e" data-testid="ArticleTags-heading">Read More</h3><ul class="_452b0f7f7145a688fce7"><li class="f43bc043349eb4a77968" data-testid="ArticleTags-li"><div class="_90e2d0cc1a42aba31186"><div class="_4d9c0c9f27d811e89336"><a class="bc0476e025feac6ac4eb _905fb93e3b6dc15b1c8b" href="/topic/investing-1st"><span class="_6f9afe9cd6bab5edfc6f">Investing</span></a><button aria-label="Follow" class="_15218da211d6f4c5255f _905fb93e3b6dc15b1c8b" data-testid="TagButton-button-unfollowed" type="button"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _5895c5ebb63180c36896" aria-labelledby="/topic/investing-1stadd-title" focusable="false" height="1em" aria-label="Add tag" role="img" width="1em"><defs><path id="add_svg__a" d="M7 2v5H2a1 1 0 1 0 0 2h5v5a1 1 0 0 0 2 0V9h5a1 1 0 0 0 0-2H9V2a1 1 0 1 0-2 0"></path></defs><use xlink:href="#add_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _5bea1ac7b89646ed6e00" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="success_svg__a" d="M1.711 9.414a.985.985 0 0 1 .004-1.408l.07-.07a1.014 1.014 0 0 1 1.422-.007l3.15 3.11 7.435-7.34a1.014 1.014 0 0 1 1.423.007l.07.07a.99.99 0 0 1 .006 1.405L6.357 14z"></path></defs><use xlink:href="#success_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></button></div></div></li><li class="f43bc043349eb4a77968" data-testid="ArticleTags-li"><div class="_90e2d0cc1a42aba31186"><div class="_4d9c0c9f27d811e89336"><a class="bc0476e025feac6ac4eb _905fb93e3b6dc15b1c8b" href="/person/warren-buffett-5px"><span class="_6f9afe9cd6bab5edfc6f">Warren Buffett</span></a><button aria-label="Follow" class="_15218da211d6f4c5255f _905fb93e3b6dc15b1c8b" data-testid="TagButton-button-unfollowed" type="button"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _5895c5ebb63180c36896" aria-labelledby="/person/warren-buffett-5pxadd-title" focusable="false" height="1em" aria-label="Add tag" role="img" width="1em"><defs><path id="add_svg__a" d="M7 2v5H2a1 1 0 1 0 0 2h5v5a1 1 0 0 0 2 0V9h5a1 1 0 0 0 0-2H9V2a1 1 0 1 0-2 0"></path></defs><use xlink:href="#add_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _5bea1ac7b89646ed6e00" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="success_svg__a" d="M1.711 9.414a.985.985 0 0 1 .004-1.408l.07-.07a1.014 1.014 0 0 1 1.422-.007l3.15 3.11 7.435-7.34a1.014 1.014 0 0 1 1.423.007l.07.07a.99.99 0 0 1 .006 1.405L6.357 14z"></path></defs><use xlink:href="#success_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></button></div></div></li><li class="f43bc043349eb4a77968" data-testid="ArticleTags-li"><div class="_90e2d0cc1a42aba31186"><div class="_4d9c0c9f27d811e89336"><a class="bc0476e025feac6ac4eb _905fb93e3b6dc15b1c8b" href="/company/the-goldman-sachs-group--inc-1mv2"><span class="_6f9afe9cd6bab5edfc6f">Goldman Sachs</span></a><button aria-label="Follow" class="_15218da211d6f4c5255f _905fb93e3b6dc15b1c8b" data-testid="TagButton-button-unfollowed" type="button"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _5895c5ebb63180c36896" aria-labelledby="/company/the-goldman-sachs-group--inc-1mv2add-title" focusable="false" height="1em" aria-label="Add tag" role="img" width="1em"><defs><path id="add_svg__a" d="M7 2v5H2a1 1 0 1 0 0 2h5v5a1 1 0 0 0 2 0V9h5a1 1 0 0 0 0-2H9V2a1 1 0 1 0-2 0"></path></defs><use xlink:href="#add_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _5bea1ac7b89646ed6e00" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="success_svg__a" d="M1.711 9.414a.985.985 0 0 1 .004-1.408l.07-.07a1.014 1.014 0 0 1 1.422-.007l3.15 3.11 7.435-7.34a1.014 1.014 0 0 1 1.423.007l.07.07a.99.99 0 0 1 .006 1.405L6.357 14z"></path></defs><use xlink:href="#success_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></button></div></div></li><li class="f43bc043349eb4a77968" data-testid="ArticleTags-li"><div class="_90e2d0cc1a42aba31186"><div class="_4d9c0c9f27d811e89336"><a class="bc0476e025feac6ac4eb _905fb93e3b6dc15b1c8b" href="/company/the-vanguard-group-6fub"><span class="_6f9afe9cd6bab5edfc6f">Vanguard</span></a><button aria-label="Follow" class="_15218da211d6f4c5255f _905fb93e3b6dc15b1c8b" data-testid="TagButton-button-unfollowed" type="button"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _5895c5ebb63180c36896" aria-labelledby="/company/the-vanguard-group-6fubadd-title" focusable="false" height="1em" aria-label="Add tag" role="img" width="1em"><defs><path id="add_svg__a" d="M7 2v5H2a1 1 0 1 0 0 2h5v5a1 1 0 0 0 2 0V9h5a1 1 0 0 0 0-2H9V2a1 1 0 1 0-2 0"></path></defs><use xlink:href="#add_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _5bea1ac7b89646ed6e00" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="success_svg__a" d="M1.711 9.414a.985.985 0 0 1 .004-1.408l.07-.07a1.014 1.014 0 0 1 1.422-.007l3.15 3.11 7.435-7.34a1.014 1.014 0 0 1 1.423.007l.07.07a.99.99 0 0 1 .006 1.405L6.357 14z"></path></defs><use xlink:href="#success_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></button></div></div></li><li class="f43bc043349eb4a77968" data-testid="ArticleTags-li"><div class="_90e2d0cc1a42aba31186"><div class="_4d9c0c9f27d811e89336"><a class="bc0476e025feac6ac4eb _905fb93e3b6dc15b1c8b" href="/company/blackrock-inc-6fua"><span class="_6f9afe9cd6bab5edfc6f">BlackRock</span></a><button aria-label="Follow" class="_15218da211d6f4c5255f _905fb93e3b6dc15b1c8b" data-testid="TagButton-button-unfollowed" type="button"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _5895c5ebb63180c36896" aria-labelledby="/company/blackrock-inc-6fuaadd-title" focusable="false" height="1em" aria-label="Add tag" role="img" width="1em"><defs><path id="add_svg__a" d="M7 2v5H2a1 1 0 1 0 0 2h5v5a1 1 0 0 0 2 0V9h5a1 1 0 0 0 0-2H9V2a1 1 0 1 0-2 0"></path></defs><use xlink:href="#add_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _5bea1ac7b89646ed6e00" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="success_svg__a" d="M1.711 9.414a.985.985 0 0 1 .004-1.408l.07-.07a1.014 1.014 0 0 1 1.422-.007l3.15 3.11 7.435-7.34a1.014 1.014 0 0 1 1.423.007l.07.07a.99.99 0 0 1 .006 1.405L6.357 14z"></path></defs><use xlink:href="#success_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></button></div></div></li><li class="f43bc043349eb4a77968" data-testid="ArticleTags-li"><div class="_90e2d0cc1a42aba31186"><div class="_4d9c0c9f27d811e89336"><a class="bc0476e025feac6ac4eb _905fb93e3b6dc15b1c8b" href="/opinion"><span class="_6f9afe9cd6bab5edfc6f">Opinion</span></a><button aria-label="Follow" class="_15218da211d6f4c5255f _905fb93e3b6dc15b1c8b" data-testid="TagButton-button-unfollowed" type="button"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _5895c5ebb63180c36896" aria-labelledby="/opinionadd-title" focusable="false" height="1em" aria-label="Add tag" role="img" width="1em"><defs><path id="add_svg__a" d="M7 2v5H2a1 1 0 1 0 0 2h5v5a1 1 0 0 0 2 0V9h5a1 1 0 0 0 0-2H9V2a1 1 0 1 0-2 0"></path></defs><use xlink:href="#add_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _5bea1ac7b89646ed6e00" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="success_svg__a" d="M1.711 9.414a.985.985 0 0 1 .004-1.408l.07-.07a1.014 1.014 0 0 1 1.422-.007l3.15 3.11 7.435-7.34a1.014 1.014 0 0 1 1.423.007l.07.07a.99.99 0 0 1 .006 1.405L6.357 14z"></path></defs><use xlink:href="#success_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></button></div></div></li></ul></div></div><aside class="_186dabbfce29319d1749"></aside><div><div><div class="_0fb15acc9dda7d9754ee"></div><div class="_0fb15acc9dda7d9754ee"><div class="_2eac835c85f8cf4346d3 c4db7906c9a3e4f5ad8d"><header class="_272e370d498d1cd0444a" data-testid="ContentUnitHeading-header"><h2 class="_21fa9dd40d4f27c475f6" data-pb-type="hi" data-testid="ContentUnitHeading-heading">Latest In Investing</h2></header><div class="c77a12318d3af6265277"><p>Fetching latest articles</p></div></div><div class="b611c0993219661a90f4"><div><section class="f54e150508868b542f4e" data-contentunit-id="0"><header class="c33a4ada1e54342c2c8e" data-testid="ContentUnitHeading-header"><h2 class="_90f718e7d0298848dd1b" data-pb-type="hi" data-testid="ContentUnitHeading-heading">Most Viewed In Wealth</h2></header><ol class="bd01136af1526a08c941"></ol></section></div></div></div></div></div></article></div><footer class="bd15a66258f72061512f" data-testid="Footer" id="footer"><div class="_11b9cd7baa133b143260"><div class="_6dc49fa92bfae1d810bd"><div class="_2265b0a22ed6230d3911"><a class="_9296756bb4bbb35d74a9" href="/"><svg aria-label="The Australian Financial Review" class="_87edd7e67faf16b75aa0" height="34" viewBox="0 0 300 34" width="300" xmlns="http://www.w3.org/2000/svg"><path d="M292.4.7v1.1h3.1l-3.7 24.4L287.5.7h-3.1l-3.7 26.1-3.5-25.1h3.5V.6h-11.1v1.1h2.4l4.9 32.1h4l3.4-20.3 3.7 20.3h4l4.9-32h3.2V.7h-7.7zm-40.3 1h3.2v31h-3.1v1.1h16.3v-8.7h-.8s-.2 3.5-.7 5c-.5 1.1-1.7 2.2-2.9 2.5-1.1.2-3.2.2-3.2.2V16.4s2.5-.1 3.2.3c1.1.9 1.2 2.5 1.4 4.3h.8v-9.7h-.9c0 1.2-.5 2.8-1.4 3.5-.9.9-3.2.5-3.2.5V1.8s3.1-.1 4.1.1c2.4 1.2 2.5 3.9 2.8 6.3h.8V.7H252l.1 1zm-5 0h3.1V.6h-10.9v1.1h2.7v31h-3.2v1.1h11.7v-1.1h-3.3c-.1 0-.1-31-.1-31zm-14.5 0h2.8l-4.9 28.9c-.1 0-4.9-28.9-4.9-28.9h2.9V.6h-10.3v1.1h1.6l6.1 32h5.3l5.7-32h1.6V.6h-5.7v1.1h-.2zm-16.4 28.2c-1.2 2.7-5.3 2.8-7.2 2.8V16.9s2.8 0 3.5.4c1.1.8 1.4 2.4 1.6 4h.8v-10h-.9c-.1 1.5-.2 3.3-1.6 4.3-.8.6-3.5.3-3.5.3V1.8c1.1 0 3.4-.2 4.4.2 2.5 1.2 2.6 4.1 2.8 6.6h.9v-8h-16v1.1h2.5v31.1h-2.3v1.1h16.5v-8.7h-.9c-.1 1.7-.2 3.3-.6 4.7zm-17.4 2.6c-1.4-4.2-1.8-8.4-3.7-12.3-1.2-2.4-3.8-3.5-6.2-3.7 2.8-.3 5.7-1.4 7.1-4.3.9-2.2 1.1-5.8-.3-8s-3.5-3.4-6-3.5h-13v1.1h3.2v31h-3.3v1h11.8v-1.1h-2.9V16.9h.7c1.4.1 3.2.6 3.8 1.7 1.6 2.5 2.9 11.6 3.2 13.4.1.7 0 1.4.4 1.9h7.1v-1.1c-.3 0-1.5 0-1.9-.3zm-13.6-16.7V1.7c.9 0 3.1 0 3.7.4 2.3 2.4 2.1 6.6 2 9.8-.2 1.4-.7 3.1-2.1 3.7-.8.3-3.6.2-3.6.2zm-19.3 9.6h-1.1c0 1.4 0 3-.3 4.3-.5 1.2-1.5 2.7-2.9 2.9h-4.2v-31h3.5V.5h-11.8v1.1h2.9v31h-3v1.1h16.9c0-2.6-.1-5.6 0-8.3zM139.2.7h-4.9l-5.4 32h-2.6v1h6.9v-1.1h-2.9l1.7-10.1h6.4l2 10.1h-3.1v1.1h10.8v-1.1H146c0 .1-6.8-31.9-6.8-31.9zm-4 20.6H132l2.5-15.7 3.4 15.7h-2.7zm-10-19.6V.6h-11.4v1.1h2.8v31h-2.9v1.1h11.4v-1.1h-2.7v-31h2.8zm-18.1 30.9c-1.1.6-3.2.4-4-.5-1.7-2-2.8-5.4-3-8.1-.6-6.2-.6-9.2.2-14.1.4-2.8 1.2-5.6 3.1-7.6 1.2-1.1 3.3-.9 4.6-.2 2.6 1.7 2.5 4.9 2.7 7.7h1.1V.6h-.9c0 .5 0 .9-.4 1.2-.9.2-1.4-.9-2.1-1.1-1.9-1.1-4.6-.7-6.5.3-4.3 2.5-7.1 7.2-7.4 12-.7 7.5.4 15.4 6.6 19.8 2 .9 4.8 2 6.8.5 0 0 1.6-1.6 2.2-1.6s.6 1.1.6 1.8h.9v-8.2h-1.2c-.2 2.7.2 4.9-3.3 7.3zM94.6 1.7V.6H88v1.1h2.5v22L81.7.6h-7.8v1.1h2.8v31h-2.9v1.1h7.1v-1.1h-2.8V6.5l10.4 27.4H92v-32h2.8l-.2-.2zM64.9.7h-5.1l-5.5 32h-2.8v1H59v-1.1h-3.2l1.7-10.3h5.9l2.1 10.3h-3v1.1h10.3v-1.1h-1.5c.1.1-6.4-31.9-6.4-31.9zm-7.3 20.4L60 6.4l3.1 14.7h-5.5zM52.9 1.7V.6h-6.8v1.1h2.8v22.8L39.9.7H32v1.1h2.8v31h-2.9v1h7.4v-1.1h-3V7.1l9.8 26.8h4.2v-32H53c-.1-.1-.1-.2-.1-.2zm-25.3 0h2.9V.6H19v1.1h3.2v31h-3.7v1.1h12.2v-1.1h-3.1v-31zM0 1.7h4.2v31H0v1.1h13.1v-1.1H9.6V16.6h2.9c1.5 0 1.8 2.8 1.7 4.3h1.1V10.7h-1.1c.1 1.7-.3 4.9-1.7 4.9H9.7v-14c1.8.1 4.6.2 5.9 1.6 1.7 1.7 1.6 4.2 1.8 6.5h.8v-9H0v1z"></path><title>The Australian Financial Review</title></svg></a><p class="c04cac6c5c86f7a4f17f">The Daily Habit of Successful People</p><ul class="_3fc7877ab23ca3e7ee07"><li class="_91fe49228bf2e0c0875c"><a class="_0f50611058f61ed35b80" href="https://twitter.com/FinancialReview"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" class="dd6db77aa2c85e94be85" aria-labelledby="undefinedtwitter-title" focusable="false" height="1em" aria-label="Twitter" role="img" width="1em"><path fill="#fff" d="M16.026 6h2.146l-4.69 5.582L19 19.177h-4.32l-3.384-4.607-3.871 4.607H5.276l5.017-5.97L5 6h4.43l3.058 4.21zm-.754 11.839h1.19L8.783 7.268H7.507z"></path></svg></a></li><li class="_91fe49228bf2e0c0875c"><a class="_0f50611058f61ed35b80" href="https://www.instagram.com/financialreview/"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85" aria-labelledby="undefinedinstagram-title" focusable="false" height="1em" aria-label="Instagram" role="img" width="1em"><defs><path id="instagram_svg__a" d="M11 1a4 4 0 0 1 4 4v6a4 4 0 0 1-4 4H5a4 4 0 0 1-4-4V5a4 4 0 0 1 4-4zm0 1.5H5A2.503 2.503 0 0 0 2.5 5v6c0 1.379 1.122 2.5 2.5 2.5h6c1.378 0 2.5-1.121 2.5-2.5V5c0-1.379-1.122-2.5-2.5-2.5m-3 2a3.5 3.5 0 1 1 0 7 3.5 3.5 0 0 1 0-7M8 6c-1.103 0-2 .897-2 2s.897 2 2 2 2-.897 2-2-.897-2-2-2m4.5-1.5a1 1 0 1 1-2 0 1 1 0 0 1 2 0"></path></defs><use xlink:href="#instagram_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></a></li><li class="_91fe49228bf2e0c0875c"><a class="_0f50611058f61ed35b80" href="http://www.linkedin.com/company/1628885"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85" aria-labelledby="undefinedlinkedin-title" focusable="false" height="1em" aria-label="LinkedIn" role="img" width="1em"><defs><path id="linkedin_svg__a" d="M1.153 15V5.433h3.016V15zm10.44-9.79c1.024 0 1.893.356 2.506 1.021.664.817.9 1.84.9 3.17V15h-2.945V9.707c0-.614-.101-1.125-.357-1.483-.256-.357-.614-.562-1.176-.562-.408 0-.716.102-.971.306-.256.205-.46.46-.562.767-.051.205-.103.41-.103.716V15H5.87V5.413h3.015v1.33c.103-.205.256-.359.359-.512.1-.153.306-.307.51-.46s.46-.307.819-.409a3.3 3.3 0 0 1 1.02-.153zM2.658 1q.753 0 1.204.452c.302.301.452.652.452 1.105 0 .451-.15.802-.452 1.104-.3.301-.702.402-1.204.402q-.754 0-1.205-.453A1.44 1.44 0 0 1 1 2.557c0-.453.15-.804.452-1.105Q1.903 1 2.657 1z"></path></defs><use xlink:href="#linkedin_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></a></li><li class="_91fe49228bf2e0c0875c"><a class="_0f50611058f61ed35b80" href="https://www.facebook.com/financialreview"><svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85" aria-labelledby="undefinedfacebook-title" focusable="false" height="1em" aria-label="Facebook" role="img" width="1em"><defs><path id="facebook_svg__a" d="M8.719 15V8.614h2.144l.32-2.499-2.464.01V4.536c0-.721.2-1.212 1.233-1.212h1.319V1.098A18 18 0 0 0 9.35 1c-1.9 0-3.2 1.16-3.2 3.29v1.835H4v2.489h2.15V15z"></path></defs><use xlink:href="#facebook_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></a></li></ul></div></div></div><div class="_9b672d30465cd6295657"><div class="b58d27f1b7d352b3976f"><div class="_49cbbc8aa71a8684ce72"><nav class="_1b4212a354bb02bc8991 _696231d7e49510b16349"><button aria-expanded="false" class="_9076f71643d73912e3bf" type="button"><h2 class="_23e190272fbb5126e982">Subscribe<svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _254b79295a3e6e5b788b undefined" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></h2></button><div class="_6205d1d63308985ddef7"><h2 class="_23e190272fbb5126e982">Subscribe</h2></div><ul class="c37efbb64eb0fd97c70c c787831a3a34d7074a8d" style="height:0"><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="https://subscribe.afr.com/?promote_channel=HI_FL_GNL&utm_source=afr.com&utm_medium=HouseInventory&utm_campaign=General&utm_content=FTR">Subscribe</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="https://www.corporatesubscriptions.com.au/?utm_source=afr_sub_lp&utm_medium=link&utm_campaign=corporate_subscriptions">Corporate subscriptions</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="https://subscribe.afr.com/student-offer?promote_channel=HI_FL_STU&utm_source=FooterLink&utm_medium=HouseInventory&utm_campaign=Student">Student subscriptions</a></li></ul></nav></div><div class="_3c467a7d15a8ac230e01"><div class="b256a1f349dc64df4b6b"><nav class="_1b4212a354bb02bc8991"><button aria-expanded="false" class="_9076f71643d73912e3bf" type="button"><h2 class="_23e190272fbb5126e982">About Us<svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _254b79295a3e6e5b788b undefined" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></h2></button><div class="_6205d1d63308985ddef7"><h2 class="_23e190272fbb5126e982">About Us</h2></div><ul class="c37efbb64eb0fd97c70c c787831a3a34d7074a8d" style="height:0"><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/about-us/products-and-services">Products & services</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/about-us/editorial-team">Editorial team</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/nine-publishing-charter-of-editorial-independence">Charter of Editorial Independence</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/about-us/timeline">History</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="https://ninecareers.com.au/">Work with us</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/topic/afr-announcements-1n3l">Announcements</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/topic/corrections-i1j">Corrections</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/platinum70">Platinum Year</a></li></ul></nav><nav class="_1b4212a354bb02bc8991"><button aria-expanded="false" class="_9076f71643d73912e3bf" type="button"><h2 class="_23e190272fbb5126e982">Contact<svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _254b79295a3e6e5b788b undefined" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></h2></button><div class="_6205d1d63308985ddef7"><h2 class="_23e190272fbb5126e982">Contact</h2></div><ul class="c37efbb64eb0fd97c70c c787831a3a34d7074a8d" style="height:0"><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/contact-us/support">Support</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/contact-us/letters-to-the-editor">Letters to the editor</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/contact-us/submit-a-story">Submit a story</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="https://www.nineforbrands.com.au/media-kits/financial-review/">Advertise</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/delivery-status">Delivery Status</a></li></ul></nav><nav class="_1b4212a354bb02bc8991"><button aria-expanded="false" class="_9076f71643d73912e3bf" type="button"><h2 class="_23e190272fbb5126e982">Magazines<svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _254b79295a3e6e5b788b undefined" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></h2></button><div class="_6205d1d63308985ddef7"><h2 class="_23e190272fbb5126e982">Magazines</h2></div><ul class="c37efbb64eb0fd97c70c c787831a3a34d7074a8d" style="height:0"><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/afr-magazine">AFR Magazine</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/fin-magazine">Fin! Magazine</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/boss">BOSS</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/life-and-leisure">Life & Leisure</a></li></ul></nav><nav class="_1b4212a354bb02bc8991"><button aria-expanded="false" class="_9076f71643d73912e3bf" type="button"><h2 class="_23e190272fbb5126e982">Columns<svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _254b79295a3e6e5b788b undefined" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></h2></button><div class="_6205d1d63308985ddef7"><h2 class="_23e190272fbb5126e982">Columns</h2></div><ul class="c37efbb64eb0fd97c70c c787831a3a34d7074a8d" style="height:0"><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/chanticleer">Chanticleer</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/street-talk">Street Talk</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/rear-window">Rear Window</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/the-afr-view">The AFR View</a></li></ul></nav><nav class="_1b4212a354bb02bc8991"><button aria-expanded="false" class="_9076f71643d73912e3bf" type="button"><h2 class="_23e190272fbb5126e982">Podcasts<svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _254b79295a3e6e5b788b undefined" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></h2></button><div class="_6205d1d63308985ddef7"><h2 class="_23e190272fbb5126e982">Podcasts</h2></div><ul class="c37efbb64eb0fd97c70c c787831a3a34d7074a8d" style="height:0"><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/podcast/15-minutes-with-the-boss">15 Minutes with the Boss</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/podcast/chanticleer">Chanticleer</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/podcast/tech-zero">Tech Zero</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/podcast/thefin">The Fin</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/podcast/the-sure-thing">The Sure Thing</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/podcast/how-i-made-it-inside-the-rich-list">How I Made It</a></li></ul></nav><nav class="_1b4212a354bb02bc8991"><button aria-expanded="false" class="_9076f71643d73912e3bf" type="button"><h2 class="_23e190272fbb5126e982">Markets Data<svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _254b79295a3e6e5b788b undefined" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></h2></button><div class="_6205d1d63308985ddef7"><h2 class="_23e190272fbb5126e982">Markets Data</h2></div><ul class="c37efbb64eb0fd97c70c c787831a3a34d7074a8d" style="height:0"><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/markets-data/australian-indices">Australian Indices</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/markets-data/world-indices">World Indices</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/markets-data/commodities">Commodities</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/markets-data/bonds-and-currencies">Bonds & Currencies</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/companies/all">Companies index</a></li></ul></nav><nav class="_1b4212a354bb02bc8991"><button aria-expanded="false" class="_9076f71643d73912e3bf" type="button"><h2 class="_23e190272fbb5126e982">Lists<svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _254b79295a3e6e5b788b undefined" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></h2></button><div class="_6205d1d63308985ddef7"><h2 class="_23e190272fbb5126e982">Lists</h2></div><ul class="c37efbb64eb0fd97c70c c787831a3a34d7074a8d" style="height:0"><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/rich-list">Rich List</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/power-list">Power List</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/young-rich">Young Rich</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/lists-and-awards">More Lists</a></li></ul></nav><nav class="_1b4212a354bb02bc8991"><button aria-expanded="false" class="_9076f71643d73912e3bf" type="button"><h2 class="_23e190272fbb5126e982">Events<svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _254b79295a3e6e5b788b undefined" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></h2></button><div class="_6205d1d63308985ddef7"><h2 class="_23e190272fbb5126e982">Events</h2></div><ul class="c37efbb64eb0fd97c70c c787831a3a34d7074a8d" style="height:0"><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/afrlive/business-summit">Business Summit</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/afrlive/property-summit">Property Summit</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/afrlive/retail-and-payments-summit">Retail & Payments Summit</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/afrlive/cfo-live">CFO Live</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/afrlive/banking-summit">Banking Summit</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/afrlive/infrastructure-summit">Infrastructure Summit</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/afrlive/super-and-wealth-summit">Super & Wealth Summit</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/afrlive/energy-and-climate-summit">Energy & Climate Summit</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/afrlive/higher-education-summit">Higher Education Summit</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/afrlive">More Events</a></li></ul></nav></div><div class="_00de8c91e6e136ece2fe"><nav class="_1b4212a354bb02bc8991 _79420e95cb2a26337eb7"><button aria-expanded="false" class="_9076f71643d73912e3bf" type="button"><h2 class="_23e190272fbb5126e982">Our Network<svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _254b79295a3e6e5b788b undefined" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></h2></button><div class="_6205d1d63308985ddef7"><h2 class="_23e190272fbb5126e982">Our Network</h2></div><ul class="c37efbb64eb0fd97c70c c787831a3a34d7074a8d" style="height:0"><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="https://www.smh.com.au/">The Sydney Morning Herald</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="https://www.theage.com.au/">The Age</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="https://www.brisbanetimes.com.au/">Brisbane Times</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="https://www.watoday.com.au/">WAtoday</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="https://www.domain.com.au/">Domain</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="https://www.drive.com.au/">Drive</a></li></ul></nav><nav class="_1b4212a354bb02bc8991 _79420e95cb2a26337eb7"><button aria-expanded="false" class="_9076f71643d73912e3bf" type="button"><h2 class="_23e190272fbb5126e982">Terms and Conditions<svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 16" class="dd6db77aa2c85e94be85 _254b79295a3e6e5b788b undefined" focusable="false" height="1em" aria-hidden="true" width="1em"><defs><path id="chevrondown_svg__a" d="M13.75 4.25 8 10.001l-5.75-5.75a1.06 1.06 0 0 0-1.5 1.5L8 12.999l7.25-7.25a1.06 1.06 0 1 0-1.5-1.5z"></path></defs><use xlink:href="#chevrondown_svg__a" fill="currentColor" fill-rule="evenodd"></use></svg></h2></button><div class="_6205d1d63308985ddef7"><h2 class="_23e190272fbb5126e982">Terms and Conditions</h2></div><ul class="c37efbb64eb0fd97c70c c787831a3a34d7074a8d" style="height:0"><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/sitemap">Site Map</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/accessibility">Accessibility</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="/subscription-terms-and-conditions">Subscription terms</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="https://login.nine.com.au/privacy?client_id=afr">Privacy policy</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="https://login.nine.com.au/terms?client_id=afr">Terms of use</a></li><li class="_1391d4196c0eddd9de78"><a class="_3463ea58d98bb9d53d45" href="https://professional.licensing-publishing.nine.com.au/C.aspx?VP3=CMS3&VF=Home">Reprints & permissions</a></li></ul></nav></div></div></div></div><div class="_9dcc97c6dac8c7322107"><div class="_685246037ad1efb37346"><ul class="e5db2274ad6d79413861"><li class="_192e665a1aae62c17037">© Copyright 2024 The Australian Financial Review, Nine Entertainment Co. Pty Ltd</li><li class="f70b2183b2b41c660aea"><a href="https://apps.apple.com/au/app/the-australian-financial-review/id524599864" rel="noopener noreferrer" target="_blank"><img alt="Download on the App Store" height="32" src="https://www.afr.com/appstore.png" width="96"/></a><a href="https://play.google.com/store/apps/details?id=com.fairfaxmedia.ink.metro.afr" rel="noopener noreferrer" target="_blank"><img alt="Get it on Google Play" height="32" src="https://www.afr.com/google-play.png" width="108"/></a></li></ul></div></div></footer><script type="application/ld+json">{"@context":"https://schema.org","@type":"NewsArticle","dateModified":"2024-11-23T03:01:47Z","datePublished":"2024-11-23T03:01:47Z","description":"The Berkshire Hathaway chief executive does not claim to be an expert at market predictions, but he knows when stocks are overpriced.","headline":"Warren Buffett cash hoard warning","author":{"@type":"Person","name":"Nir Kaissar"},"mainEntityOfPage":{"@id":"https://www.afr.com/wealth/investing/buffett-s-499b-cash-hoard-is-an-early-warning-signal-20241122-p5ksvo","@type":"WebPage"},"image":{"@type":"ImageObject","height":"628","url":"https://static.ffx.io/images/$zoom_0.5298%2C$multiply_2%2C$ratio_1.777778%2C$width_1059%2C$x_0%2C$y_60/t_crop_custom/c_scale%2Cw_800%2Cq_88%2Cf_jpg/t_afr_opinion_no_age_social_wm/54a257f480f869e9540b533b058a19d53c711f79","width":"1200"},"isAccessibleForFree":true,"publisher":{"@type":"NewsMediaOrganization","name":"Australian Financial Review","logo":{"@type":"ImageObject","height":"60","url":"https://www.afr.com/afr-logo.png","width":"424"},"url":"https://www.afr.com","sameAs":["https://www.facebook.com/financialreview","https://twitter.com/FinancialReview"]},"isPartOf":{"@type":["CreativeWork","Product"],"name":"Australian Financial Review","productID":"afr.com:afralldigital"}}</script></div></div><script>window.ENVIRONMENT_VARIABLES = {"ADFIXUS_PATH":"\u002Fafx_prid\u002F2023.10.16.1\u002Fauth\u002Fps\u002Fp202310161.js?lcsid=D3377D70-045F-4C2C-B07F-C88533E87E67","ADKIT_TEST_COOKIE":"_ad_browser_testing","ADKIT_URL":"https:\u002F\u002Fadkit.9pub.io\u002Fv2","APP_DOWNLOAD_IMAGES":{"APPLE":"https:\u002F\u002Fwww.afr.com\u002Fappstore.png","GOOGLE":"https:\u002F\u002Fwww.afr.com\u002Fgoogle-play.png"},"APP_NAME":"render-web-afr","APP_VERSION":"1.0.1","AUTH_API":{"SECRET":undefined,"URL":"https:\u002F\u002Fapi.platform.ink"},"BEYONDWORDS":{"PROJECT_ID":"34966"},"BRAND":{"IMAGE":{"HEIGHT":628,"URL":"https:\u002F\u002Fwww.afr.com\u002Fafr.png","WIDTH":1200},"LOGO":{"HEIGHT":60,"URL":"https:\u002F\u002Fwww.afr.com\u002Fafr-logo.png","WIDTH":424},"LONG_SITE_NAME":"Australian Financial Review","SHORT_SITE_NAME":"afr","SOCIAL":{"FACEBOOK":{"APP_ID":"915111442510599","CLIENT_TOKEN":"5f5a07e52839f37e7fc4203b0be1ef8a","PAGES":"150910108292573,308818925809645","SITE":"https:\u002F\u002Fwww.facebook.com\u002Ffinancialreview"},"INSTAGRAM":{"SITE":"https:\u002F\u002Fwww.instagram.com\u002Ffinancialreview\u002F"},"ITUNES":{"APP_ID":"524599864"},"LINKEDIN":{"SITE":"http:\u002F\u002Fwww.linkedin.com\u002Fcompany\u002F1628885"},"TWITTER":{"SITE":"https:\u002F\u002Ftwitter.com\u002FFinancialReview","USER":"@FinancialReview"}},"TIME_ZONE":"Australia\u002FSydney"},"BRIGHTCOVE":{"ACCOUNT_ID":"3910869709001","PLAYER_ID":"YwvYfYbhde"},"CACHE_CONTROL":{"ASSET":30,"DEFAULT":60,"ERROR":10,"HOMEPAGE":20,"INDEX":60,"LIVE_ARTICLE":10,"REDIRECT":{"PERMANENT":60}},"CHANTICLEER_AVATAR_ID":"25cc8c74f48b08a60ab02df02ab9d248a21c0ea2","CHARTBEAT_DOMAIN":"afr.com","CONTENT_API":{"TIMEOUT":5000,"V0_URL":"https:\u002F\u002Fapi.afr.com\u002Fapi\u002Fcontent\u002Fv0","V1_URL":"https:\u002F\u002Fapi.afr.com\u002Fapi\u002Fcontent\u002Fv1","V2_URL":"https:\u002F\u002Fapi.afr.com\u002Fapi\u002Fcontent\u002Fv2"},"DEPLOY_ENV":"production","DNS_PRECONNECT":"adservice.google.com,buy-au.piano.io,c2-au.piano.io,partner.googleadservices.com,securepubads.g.doubleclick.net,tpc.googlesyndication.com","DNS_PREFETCH":"api.ffx.io,api.afr.com,static.ffx.io,www.googletagmanager.com","FRONT_API":{"TIMEOUT":5000,"URL":"https:\u002F\u002Fapi.afr.com\u002Fgraphql"},"FRONT_CONTENT_AUDIENCE_API":{"TIMEOUT":5000,"URL":"https:\u002F\u002Fapi.afr.com\u002Fapi\u002Fcontent-audience\u002Fafr\u002Fgraphql"},"GIFT_ARTICLE":{"NEW_FEATURE_COOKIE_NAME":"gift-article-new-feature","NEW_FEATURE_STORAGE_NAME":"gift-article-new-feature"},"GLOBAL_URLS":{"ACCOUNT_URL":"https:\u002F\u002Flogin.myfairfax.com.au\u002Fbeta\u002Fmembers\u002Fmy_account?callback_uri=https:\u002F\u002Fwww.afr.com&channel_key=9ME3ACTT4ZYY1fEMfvR2EA","ACCOUNT_PAYMENT_URL":"https:\u002F\u002Flogin.myfairfax.com.au\u002Fbeta\u002Fmembers\u002Fmy_account\u002Fpayment?callback_uri=https:\u002F\u002Fwww.afr.com&channel_key=9ME3ACTT4ZYY1fEMfvR2EA","ALERTS_URL":"\u002Falerts","CORPORATE_SUBSCRIPTIONS_URL":"\u002Fcorporate-subscriptions\u002F","EVENTS_URL":"\u002Fafrlive","FORGOTTEN_PASSWORD_URL":"https:\u002F\u002Fsmh.myfairfax.com.au\u002Fmembers\u002Fpassword\u002Fforget_password?callback_uri=https%3A%2F%2Fwww.afr.com%2F&channel_key=9ME3ACTT4ZYY1fEMfvR2EA","LISTS_AND_AWARDS_URL":"\u002Flists-and-awards","MARKETS_DATA_URL":"\u002Fmarkets-data","NEWSFEED_URL":"\u002Fnewsfeed","NEWSLETTERS_URL":"\u002Fnewsletters","RECENTLY_READ_URL":"\u002Frecently-read","SAVED_ARTICLES_URL":"\u002Fsaved","SETTINGS_URL":"\u002Faccount\u002Fnotifications","STREET_TALK_SUBSCRIBE_URL":"https:\u002F\u002Flogin.myfairfax.com.au\u002Fbeta\u002Fmembers\u002Fmy_account\u002Fnewsletters?callback_uri=https:\u002F\u002Fwww.afr.com&channel_key=9ME3ACTT4ZYY1fEMfvR2EA","SUBSCRIBER_OFFERS_URL":"\u002Fsubscriber-benefits"},"GOOGLE":{"ACCOUNT":"UA-91053368-8","NEW_CMSID":"2667286","OLD_CMSID":"2475647","DFP_ACCOUNT_DGAM":"133009657","DFP_ACCOUNT_PGAM":"21671780509"},"GOOGLE_ACCOUNT_LINKING":{"CLIENT_ID":"f2e76e8075614ef881e11b17b59a24a9","PROJECT_ID":"afr-social-login-prod-env"},"GTM":{"ADDITIONAL_PARAMETERS":"","GA4_ADDITIONAL_PARAMETERS":"","CONTAINER_ID":"GTM-NN4PPKH","CONTAINER_GA4_ID":"GTM-TN85F9FM"},"IDENTIFICATION":{"APP_ACCESS_TOKEN_STORAGE_NAME":"appToken","DEVICE_ID_COOKIE_EXPIRY_IN_DAYS":365,"DEVICE_ID_COOKIE_NAME":"ffx-device-id","DEVICE_ID_STORAGE_NAME":"ffx-device-id","JUST_LOGGED_IN_COOKIE_EXPIRY_IN_DAYS":42,"JUST_LOGGED_IN_COOKIE_NAME":"ffx-just-logged-in","JUST_LOGGED_IN_STORAGE_NAME":"ffx-just-logged-in","MEMBER_DETAILS_COOKIE_EXPIRY_IN_DAYS":42,"MEMBER_DETAILS_COOKIE_NAME":"ffx-member-details","MEMBER_DETAILS_STORAGE_NAME":"ffx-member-details","MEMBER_LOGGED_OUT_COOKIE_EXPIRY_IN_DAYS":42,"MEMBER_LOGGED_OUT_COOKIE_NAME":"ffx-member-logged-out","MEMBER_LOGGED_OUT_STORAGE_NAME":"ffx-member-logged-out","MEMBER_TYPE_COOKIE_NAME":"csub","NINE_UID_COOKIE_NAME":"NUID","NINE_UID_STORAGE_NAME":"NUID","SOCIAL_PROVIDER_COOKIE_EXPIRY_IN_DAYS":42,"SOCIAL_PROVIDER_COOKIE_NAME":"ffx-social-provider","SOCIAL_PROVIDER_STORAGE_NAME":"ffx-social-provider","ACCOUNT_LINK_COOKIE_EXPIRY_IN_DAYS":null,"ACCOUNT_LINK_COOKIE_NAME":"undefined","ACCOUNT_LINK_STORAGE_NAME":"undefined"},"IMAGE_URL_PREFIX":"https:\u002F\u002Fstatic.ffx.io\u002Fimages","IOS_APP":{"DEEPLINK_ARTICLE_PREFIX":"afr-app:\u002F\u002Farticle\u002F","SMARTBANNER_SOURCE_FLAG":"source=smartbanner"},"KEYPATH":{"WIDGET_ARTICLE_URL":"\u002F\u002Fafr.studynext.com\u002Fmodules\u002Fcustom\u002Fkpe_algolia\u002Fjs\u002Fwidgets.js?sp=&widgetFormat=course-finder&widgetHeading=Take%20the%20next%20step%20in%20your%20career&widgetSummary=Explore%20100s%20of%20postgraduate%20business%20courses&fontStyle=serif&accentColor=%23000000&topicsList=0","WIDGET_URL":"\u002F\u002Fafr.studynext.com\u002Fmodules\u002Fcustom\u002Fkpe_algolia\u002Fjs\u002Fwidgets.js?sp=&widgetFormat=course-finder&widgetHeading=Take%20the%20next%20step%20in%20your%20career&widgetSummary=Explore%20100s%20of%20postgraduate%20business%20courses&fontStyle=serif&accentColor=%23000000&topicsList=0"},"LOGGING":{"MIN_LOG_LEVEL":"undefined","URL":"https:\u002F\u002Fl.ffx.io"},"MARKETING_CONVERSION_TAGS":{"FACEBOOK_CONVERSION_ID":"953970877989909"},"MEMBER_AUTH_API":{"TIMEOUT":5000,"V0_URL":"https:\u002F\u002Fapi.afr.com\u002Fapi\u002Fmember-auth\u002Fv0"},"NIELSEN":{"APP_ID":"P70F2B436-31E2-4369-A3CB-294DC350A880","ASN":"afr.com-brand only"},"ONBOARDING":{"NEWSFEED_ARTICLE_HIDE_COOKIE_EXPIRY_IN_DAYS":365,"NEWSFEED_ARTICLE_HIDE_COOKIE_NAME":"hide-newsfeed-article-onboarding-tooltip","NEWSFEED_ARTICLE_HIDE_STORAGE_NAME":"hide-newsfeed-article-onboarding-tooltip","NEWSFEED_NOTIFICATIONS_SETTINGS_TOOLTIP_COOKIE_EXPIRY_IN_DAYS":365,"NEWSFEED_NOTIFICATIONS_SETTINGS_TOOLTIP_COOKIE_NAME":"newsfeed-notifications-settings-tooltip","NEWSFEED_NOTIFICATIONS_SETTINGS_TOOLTIP_STORAGE_NAME":"newsfeed-notifications-settings-tooltip","NEWSFEED_TOASTER_DISMISS_COOKIE_EXPIRY_IN_DAYS":365,"NEWSFEED_TOASTER_DISMISS_COOKIE_NAME":"newsfeed-toaster-dismiss","NEWSFEED_TOASTER_DISMISS_STORAGE_NAME":"newsfeed-toaster-dismiss","TAGS_HIDE_COOKIE_EXPIRY_IN_DAYS":365,"TAGS_HIDE_COOKIE_NAME":"hide-tags-onboarding","TAGS_HIDE_STORAGE_NAME":"hide-tags-onboarding"},"EDITORIAL_ENABLED":false,"PAGE_BUILDER":{"SCRIPT":undefined,"VARIABLES":{"AUTHOR_PROFILE_URL":"undefined","BRAND_NAME":"afr","CONTENT_API_TIMEOUT":5000,"CONTENT_API_URL":"undefined","DEPLOY_ENV":"production","EDITORIAL_TOOLS_HOST":"undefined","FRONT_API_URL":"undefined","FRONT_INTERNAL_API_URL":"undefined","FRONT_INTERNAL_API_WS_URL":"undefined","IMAGES_URL":"undefined","IMAGE_RENDITION_URL_PREFIX":"https:\u002F\u002Fstatic.ffx.io\u002Fimages","INDICATOR_ENV":undefined,"MEDIA_API_URL":"undefined","LOGGING_MINIMUM_LOG_LEVEL":"error","LOGGING_URL":"https:\u002F\u002Fl.ffx.io","NEWSROOMS":"undefined","NEWSROOM_ID":"undefined","NOTIFICATIONS_URL":"undefined","PLANNING_URL":"undefined","SNOWPLOW_ENDPOINT":"i.ffx.io","STYLEGUIDE_URL":"undefined","TAG_URL":"undefined","VIDEO_URL":"undefined","WIRES_URL":"undefined","WP_URL":"undefined"}},"PAYWALL":{"COUNT_STORAGE_NAME":"paywallCount","COUNTED_ASSETS_STORAGE_NAME":"paywallCountedAssets","ROLLOVER_DATE_STORAGE_NAME":"paywallRolloverDate","ROLLOVER_DAYS":30},"PIANO":{"CXENSE_SITE_ID":"5856171101562569189","ENDPOINT":"https:\u002F\u002Fbuy-au.piano.io\u002Fapi\u002Fv3","ID":"lrJ8j3qepa","IS_SANDBOX":"false"},"SNOWPLOW":{"APP_ID":"afr-web","ENDPOINT":"i.ffx.io","SCHEMA":"iglu:au.com.fairfaxmedia\u002Fmetadata\u002Fjsonschema\u002F"},"SUBSCRIBE_WITH_GOOGLE":{"CLIENT_ID":"350071287628-v4an7cfdir6mur67qrl3qpgnievgbcd6.apps.googleusercontent.com","PRODUCT_ID":"afr.com:afralldigital","SKU":"monthly_afr_premiumdigital_y23"},"TODAYSPAPER":{"PAGESUITE_SHORT_CODE":"AUS591","PAGESUITE_ID":"b5c50dbf-4261-4bd9-a816-2530a82436c9","PAGESUITE_URL":"https:\u002F\u002Fedition.afr.com","TOKEN_COOKIE_EXPIRY_IN_DAYS":0.5,"TOKEN_COOKIE_NAME":"digital-edition-access"},"US_ELECTION":{"BALANCE_OF_POWER_WIDGET_URL":"https:\u002F\u002Finteractives.ap.org\u002Felection-results\u002Fcustomers\u002Flayouts\u002Forganization-layouts\u002Fpublished\u002F88048\u002F14857.html","STATE_MAP_WIDGET_URL":"https:\u002F\u002Finteractives.ap.org\u002Felection-results\u002Fcustomers\u002Flayouts\u002Forganization-layouts\u002Fpublished\u002F88048\u002F14520.html"},"USER":{"TAGS":{"FOLLOWED_TAGS_STORAGE_NAME":"followed-tags"}},"WINE_CLUB":{"REDIRECT_URL":"https:\u002F\u002Fwineclub.afr.com"}}</script><script id="__APOLLO_STATE__">__APOLLO_STATE__={};</script><script id="__REDUX_STATE__">__REDUX_STATE__={"adkit":{"loaded":false,"pageViewID":""},"featureFlags":{"flags":{"perm.render-web-afr.account-linking.enabled":true,"perm.render-web-afr.adkit-magnite.enabled":true,"perm.render-web-afr.adkit-mantis.enabled":true,"perm.render-web-afr.adkit-pubmatic.enabled":false,"perm.render-web-afr.adfixus":true,"perm.render-web-afr.ads.lazyload-content-drivers":false,"perm.render-web-afr.ads.lazyload-all-desktop-pos-3":false,"perm.render-web-afr.ads.lazyload-all-desktop-pos-4":false,"perm.render-web-afr.ads.lazyload-all-desktop-pos-5":false,"perm.render-web-afr.ads.lazyload-all-desktop-pos-6-35":false,"perm.render-web-afr.ads.lazyload-homepage-desktop-pos-3":false,"perm.render-web-afr.ads.lazyload-homepage-desktop-pos-4":true,"perm.render-web-afr.ads.lazyload-homepage-desktop-pos-5":true,"perm.render-web-afr.ads.lazyload-homepage-desktop-pos-6-35":true,"perm.render-web-afr.ads.lazyload-live-desktop-pos-3":false,"perm.render-web-afr.ads.lazyload-live-desktop-pos-4":false,"perm.render-web-afr.ads.lazyload-live-desktop-pos-5":false,"perm.render-web-afr.ads.lazyload-live-desktop-pos-6-35":false,"perm.render-web-afr.ads.lazyload-all-tablet-pos-3":false,"perm.render-web-afr.ads.lazyload-all-tablet-pos-4":true,"perm.render-web-afr.ads.lazyload-all-tablet-pos-5":true,"perm.render-web-afr.ads.lazyload-all-tablet-pos-6-35":false,"perm.render-web-afr.ads.lazyload-homepage-tablet-pos-3":false,"perm.render-web-afr.ads.lazyload-homepage-tablet-pos-4":true,"perm.render-web-afr.ads.lazyload-homepage-tablet-pos-5":true,"perm.render-web-afr.ads.lazyload-homepage-tablet-pos-6-35":true,"perm.render-web-afr.ads.lazyload-live-tablet-pos-3":false,"perm.render-web-afr.ads.lazyload-live-tablet-pos-4":false,"perm.render-web-afr.ads.lazyload-live-tablet-pos-5":false,"perm.render-web-afr.ads.lazyload-live-tablet-pos-6-35":false,"perm.render-web-afr.ads.lazyload-all-mobile-pos-3":true,"perm.render-web-afr.ads.lazyload-all-mobile-pos-4":true,"perm.render-web-afr.ads.lazyload-all-mobile-pos-5":true,"perm.render-web-afr.ads.lazyload-all-mobile-pos-6-35":false,"perm.render-web-afr.ads.lazyload-homepage-mobile-pos-3":true,"perm.render-web-afr.ads.lazyload-homepage-mobile-pos-4":true,"perm.render-web-afr.ads.lazyload-homepage-mobile-pos-5":true,"perm.render-web-afr.ads.lazyload-homepage-mobile-pos-6-35":true,"perm.render-web-afr.ads.lazyload-live-mobile-pos-3":true,"perm.render-web-afr.ads.lazyload-live-mobile-pos-4":true,"perm.render-web-afr.ads.lazyload-live-mobile-pos-5":false,"perm.render-web-afr.ads.lazyload-live-mobile-pos-6-35":false,"perm.render-web-afr.article-template.afr-weekend-driver.enabled":true,"perm.render-web-afr.article-template-beyondwords-audio-player.enabled":true,"perm.render-web-afr.article-template-beyondwords-audio-player-prominent-position.enabled":true,"perm.render-web-afr.article-template-beyondwords-audio-player-vast-url.enabled":true,"perm.render-web-afr.article-template.chanticleer-driver.enabled":true,"perm.render-web-afr.article-template.explainer-email-driver.enabled":true,"perm.render-web-afr.article-template.inside-government-driver.enabled":true,"perm.render-web-afr.article-template.inside-property-newsletter-driver.enabled":true,"perm.render-web-afr.article-template.need-to-know-newsletter-driver.enabled":true,"perm.render-web-afr.article-template.opinion-and-analysis-driver.enabled":true,"perm.render-web-afr.article-template.professional-life-driver.enabled":true,"perm.render-web-afr.article-template-sponsored-ads.enabled":true,"perm.render-web-afr.article.template.street-talk.show-cta":true,"perm.render-web-afr.article-template.wealth-generation-driver.enabled":true,"perm.render-web-afr.article-template-gift-articles.enabled":true,"temp.render-web-afr.asset-preview-check.enabled":true,"temp.render-web-afr.ga4.enabled":true,"perm.render-web-afr.asset-client-lazy-graphql-query":true,"perm.render-web-afr.asset-preview-message.enabled":true,"perm.render-web-afr.brand-template.mba-list.prominent-position":true,"perm.render-web-afr.rich-list-latest.enabled":true,"perm.render-web-afr.brand-template.rich-list.prominent-position":true,"perm.render-web-afr.brand-template.rankings.enabled":true,"perm.render-web-afr.brand-template.rich-list.second-featured-content-unit.enabled":false,"perm.render-web-afr.brand-template.show-rich-list-embeded.enabled":true,"perm.render-web-afr.brand-template.young-rich-list.prominent-position":true,"perm.render-web-afr.brand-template.young-rich-list.second-featured-content-unit.enabled":true,"perm.render-web-afr.brand-template.young-rich-list.show_ranking_list":false,"perm.render-web-afr.brand-template.young-rich-list.show_ranking_promo":false,"perm.render-web-afr.carbon-challenge-newsletter-driver.enabled":true,"perm.render-web-afr.piano.debug-page.enabled":true,"perm.render-web-afr.companies-in-the-news.homepage-markets-companies-page.enabled":true,"perm.render-web-afr.confirmation-panel.conversion-tags":true,"perm.render-web-afr.delivery-status-page.enabled":true,"perm.render-web-afr.election.article.seats-won.enabled":false,"perm.render-web-afr.federal-election.homepage.seats-won.enabled":false,"perm.render-web-afr.federal-election.topic-page.newsletter-driver.enabled":false,"perm.render-web-afr.federal-election.topic-page.seats-won.enabled":false,"perm.render-web-afr.header.subscribe-link.enabled":false,"perm.render-web-afr.header.subscription-strip.enabled":true,"perm.render-web-afr.header.user-menu.alerts-link.enabled":true,"perm.render-web-afr.header.user-menu.my-account-link.enabled":true,"perm.render-web-afr.header.user-menu.newsletters-link.enabled":true,"perm.render-web-afr.homepage-client-lazy-graphql-query":true,"perm.render-web-afr.homepage-template.large-driver.curated.enabled":true,"perm.render-web-afr.homepage-template.prestige-property-content-unit.enabled":false,"perm.render-web-afr.enable-homepage-sponsored-content-unit":true,"perm.render-web-afr.homepage.subscribe-strip.flash-sale.enabled":false,"perm.render-web-afr.homepage-template.subscribe-strip.eofy-sale.enabled":false,"perm.render-web-afr.homepage-topstories.chanticleer.enabled":true,"perm.render-web-afr.homepage-topstories-driver.curated.enabled":true,"perm.render-web-afr.homepage-topstories.rear-window.enabled":true,"perm.render-web-afr.homepage-topstories.street-talk.enabled":true,"perm.render-web-afr.iframe-app.enabled":true,"perm.render-web-afr.index-template-sponsored-ads.enabled":false,"perm.render-web-afr.ios-smart-app-banner.enabled":true,"perm.render-web-afr.inside-government-driver.enabled":true,"perm.render-web-afr.key-path-driver.enabled":true,"perm.render-web-afr.legal-brief.newsletter-driver.enabled":true,"perm.render-web-afr.link-tag-to-manifest-json.enabled":true,"perm.render-web-afr.lists-and-awards-recirc.enabled":true,"perm.render-web-afr.live-article-template-olympics-message-driver.enabled":false,"perm.render-web-afr.live-article-template-sponsored-ads.enabled":true,"perm.render-web-afr.login-apple-option.enabled":true,"perm.render-web-afr.login-google-option.enabled":true,"perm.render-web-afr.login-modal-error-info.enabled":false,"perm.render-web-afr.markets-data.bonds-and-currencies.enabled":true,"perm.render-web-afr.markets-live.chart.enabled":true,"perm.render-web-afr.markets-snapshot.enabled":true,"perm.render-web-afr.nasdaq.disabled":false,"perm.render-web-afr.newsfeed-creation.enabled":true,"perm.render-web-afr.newsfeed-drivers.enabled":false,"perm.render-web-afr.newsfeed.features-unavailable-notice.enabled":false,"perm.render-web-afr.newsfeed-follow-button.enabled":true,"perm.render-web-afr.newsfeed-notifications-links-visible-to-all.enabled":false,"perm.render-web-afr.newsfeed.topics-for-you.enabled":true,"perm.render-web-afr.nsw-election.homepage.seats-won.enabled":false,"perm.render-web-afr.nsw-election.article.seats-won.enabled":false,"perm.render-web-afr.onboarding.tags.enabled":false,"perm.render-pagebuilder.beta-testing":false,"perm.disable-ink-access":false,"perm.api-auth.login.bypass":false,"perm.render-web-afr.payment-notification.enabled":true,"perm.render-web-afr.piano.enabled":true,"perm.render-web-afr.qualtrics-embedded-feedback.enabled":true,"perm.render-web-afr.reading-history.enabled":true,"perm.render-web-afr.referendum.article.widget.enabled":false,"perm.render-web-afr.referendum.homepage.widget.enabled":false,"perm.render-web-afr.reshaping-dialogues-index.header-sponsor.enabled":true,"perm.render-web-afr.sale-phase-1.enabled":false,"perm.render-web-afr.sale-phase-2.enabled":false,"perm.render-web-afr.saved-articles.enabled":true,"perm.render-web-afr.swg-entitlement.enabled":true,"perm.render-web-afr.swg-purchase.enabled":true,"perm.render-web-afr.technology.topic-page.newsletter-driver.enabled":true,"perm.render-web-afr.us-election-template.enabled":true,"perm.render-web-afr.us-election-template.post-header.enabled":true,"perm.render-web-afr.victorian-election.homepage.seats-won.enabled":false,"perm.render-web-afr.victorian-election.article.seats-won.enabled":false,"perm.render-web-afr.webview-app.enabled":true,"perm.render-web-afr.work-and-careers-driver.enabled":true,"perm.render-web-afr.world-newsletter-driver.enabled":true,"perm.render-web-afr.x-frame-options.app-exception-for-elections.enabled":true,"temp.render-web-afr.ad-refresh.enabled":true,"temp.render-web-afr.access-gift-in-share-modal.enabled":true,"temp.render-web-afr.app-subscriber-session-storage.enabled":true,"temp.render-web-afr.brand-template.young-rich-list.show_ranking_list_2022.enabled":false,"temp.render-web-afr.collections.enabled":true,"temp.render-web-afr.collection-homepage-recirc.enabled":false,"temp.render-web-afr.collection-immersive-articles-recirc.enabled":false,"temp.render-web-afr.collection-index-special-reports-recirc.enabled":false,"perm.render-web-afr.header.subscribe-link-piano.enabled":true,"temp.render-web-afr.immersive-article.cover-block.enabled":false,"temp.render-web-afr.ios-non-safari-smart-app-banner.enabled":true,"temp.render-web-afr.live-article.truncation.enabled":true,"temp.api-front.use-new-graphql-library":false,"temp.render-web-afr.newsfeed-notifications.enabled":true,"temp.render-web-afr.newsfeed-toaster-driver.enabled":true,"temp.render-web-afr.nsw-election.results-page.enabled":true,"temp.render-web-afr.paywall.bypass-url.enabled":true,"temp.render-web-afr.log-piano-conversion.enabled":false,"temp.render-web-afr.us-elections-2024-article-widget.enabled":false,"temp.render-web-afr.us-elections-2024-homepage-widget.enabled":false,"temp.render-web-afr.us-elections-2024-iframe-page-widget.enabled":false,"temp.render-web-afr.us-elections-2024-live-article-widget.enabled":false,"temp.render-web-afr.us-elections-2024-topic-widget.enabled":true,"temp.render-web-afr.us-elections-2024-show-bop-title.enabled":false,"temp.render-web-afr.vic-election.results-page.enabled":true,"temp.render-web-afr.beyondwords-grapeshot-values.enabled":true}},"giftArticle":{"giftArticleStatus":"none","generatedLink":""},"header":{"theme":"DARK"},"identification":{"accessToken":undefined,"deviceID":undefined,"identifiedUser":false,"isLoggedIn":false,"isAppSubscriber":false,"nineUniqueID":undefined,"sessionToken":undefined,"user":undefined},"login":{"visible":false},"newsfeed":{"displayNewsfeedSettings":false,"introductoryModalVisibility":false,"isNewsfeedToasterVisible":true,"hideNewsfeedTooltip":true,"tooltipFlowGenerator":null,"currentTooltip":null},"notifications":{"tagUnfollowed":""},"page":{"content":{"ads":{"suppress":false},"assetType":"article","categories":["Wealth","Investing"],"categoryId":135,"asset":{"about":"The Berkshire Hathaway chief executive does not claim to be an expert at market predictions, but he knows when stocks are overpriced.","allowComments":false,"body":"\u003Cp\u003EBerkshire Hathaway reported its stock holdings last week — a widely anticipated quarterly update of Warren Buffett’s latest trades. There were some notable ones, including the addition of Domino’s Pizza to Berkshire’s portfolio and \u003Cx-placeholder id=\"affed515bc1496c330dfad8d1df4a734031fc770\"\u003E\u003C\u002Fx-placeholder\u003E.\u003C\u002Fp\u003E\u003Cp\u003EBut those moves have been overshadowed by Berkshire’s $US325 billion ($499 billion) cash hoard, nearly double the company’s cash balance at year-end, and the most Buffett has ever amassed. It also comes at a time when Buffett’s favourite valuation gauge — a ratio of \u003Cx-placeholder id=\"c527d4a64e2f53e4c0170ec789014ee87ae67f09\"\u003E\u003C\u002Fx-placeholder\u003E relative to the size of the US economy – is at a record high.\u003C\u002Fp\u003E\u003Cx-placeholder id=\"620b6de4ff7ab2f903b060ded1c58a0ba4cbfc2e\"\u003E\u003C\u002Fx-placeholder\u003E\u003Cp\u003ETaken together, it might seem as if Buffett is trying to time the market’s next downturn, but what he’s doing is more subtle and thoughtful — and instructive for investors.\u003C\u002Fp\u003E\u003Cp\u003EBuffett is the first to acknowledge that he has no ability to predict where the market is headed in the near term, including the timing of its occasional meltdowns. What he can do, however, is estimate how much stocks are likely to pay over the longer term and use that estimate to decide how much to allocate to stocks relative to other assets.\u003C\u002Fp\u003E\u003Cp\u003EIt’s an important distinction. There’s a difference between betting on turns in the market, which is extremely difficult if not impossible to do profitably, and deciding how to allocate to various assets based on their expected longer-term returns, which can be reliably although not perfectly estimated. In other words, it’s the difference between betting on the market’s unknowable path versus its likely destination.\u003C\u002Fp\u003E\u003Cp\u003EThat principle appears to have long guided Buffett’s decisions. Berkshire’s allocation to cash as a percentage of the company’s assets has varied considerably over the years, from 1 per cent in 1994 to closer to 28 per cent today, and everything in between. The record shows Buffett consistently raising Berkshire’s cash allocation as stock valuations rise during booms — and expected returns consequently decline — and drawing down cash as opportunities arise. It also confirms that Buffett has little talent for market timing, as he readily admits.\u003C\u002Fp\u003E\u003Cp\u003EFor instance, during the internet bubble in the late 1990s, Buffett grew his cash allocation to 13 per cent of assets in 1998 from just 1 per cent four years earlier as valuations swelled. But he drew down his cash allocation to 3 per cent in 1999, about a year before the bubble burst, presumably because he found an attractive target. In retrospect, he probably would have been better off sitting on that cash for another year when bargains became plentiful, but not even the great Buffett can see the turns coming. He did the next best thing, though, which is employ almost all of Berkshire’s cash through the downturn.\u003C\u002Fp\u003E\u003Cp\u003EThen he pivoted again in the run-up to the 2008 financial crisis. Buffett began raising his cash allocation substantially when the market recovered in 2002, eventually topping out at 25 per cent of assets in 2005. Berkshire’s cash allocation started to dip in 2006, mostly because the value of its assets continued to rise. But when a whiff of the coming crisis sent stock prices tumbling beginning in late 2007, Buffett deployed his cash and eventually drew it down to 7 per cent of assets in 2010, in part on account of his famously shrewd investment in Goldman Sachs at the height of the crisis.\u003C\u002Fp\u003E\u003Cp\u003EHow does Buffett do it? He’s betting on a simple principle, which is that valuations and future returns are inversely related. That is, when assets are expensive, future returns tend to be lower, and vice versa.\u003C\u002Fp\u003E\u003Cp\u003EIt doesn’t even matter which valuation measure you use because they generally say the same thing. Buffett’s preferred gauge of the stock market — its value relative to gross domestic product — surged in the late 1990s and again in the mid-2000s, signalling lower stock returns ahead. Both times, cash yields were around 5 per cent, and expected stock returns weren’t much higher, if at all. Given those choices, it made sense to have some cash around.\u003C\u002Fp\u003E\u003Cp\u003EToday, the market-to-GDP ratio is even higher than it was in the late 1990s and mid-2000s, implying even lower future returns. Meanwhile, cash pays about the same as it did then. No wonder Berkshire’s cash allocation is the highest since at least the mid-1980s.\u003C\u002Fp\u003E\u003Cp\u003EBuffett is far from alone. In fact, I can’t recall a time when there’s been so much agreement that US stocks are poised to disappoint, at least by historical standards. The biggest money managers, including BlackRock, The Vanguard Group, Goldman Sachs and JPMorgan Asset Management all expect the US stock market to fall well short of its historical return of 9 per cent a year over the past 150 years.\u003C\u002Fp\u003E\u003Cp\u003EIt’s hard to argue with that consensus. Stock investors essentially get paid three ways. One is shareholder yield, which is a combination of dividends and buybacks. A second is earnings growth resulting from higher sales or expanding profit margins. And the third is change in valuation.\u003C\u002Fp\u003E\u003Cp\u003EHere’s how things look: The S&P 500 Index’s dividend yield is 1.3 per cent, and its most recent 12-month buyback yield was 1.8 per cent. As for earnings, analysts expect sales to grow by about 4 per cent a year over the next several years, which is in line with historical sales growth. They also expect record high profit margins to stay where they are rather than contract — a generous assumption, but let’s go with it. And as for valuation, the S&P 500 trades at 25 times forward earnings, compared with an average of 18 times since 1990. To get back to average, its valuation would have to contract by about 3 per cent a year for 10 years, if a sharper contraction like the one in 2022 doesn’t come along sooner.\u003C\u002Fp\u003E\u003Cp\u003EAll of that adds up to an expected return of about 4 per cent a year for the S&P 500 over the next decade, which, probably not coincidentally, is roughly in line with the average expected return calculated by the big money mavens. It’s also not terribly exciting when compared with the 4.4 per cent yield on risk-free three-month Treasury bills.\u003C\u002Fp\u003E\u003Cp\u003ENo one can reliably anticipate the market’s path, which is why you’ll never see Buffett make all-in, all-out moves around the market. But the destination is easier to estimate, particularly when the market is glaringly expensive. And when that destination promises so little relative to cash, watch Buffett beef up his rainy-day allocation.\u003C\u002Fp\u003E\u003Cx-placeholder id=\"deed00c964e5b0998f9ef71d9af43893e07d948d\"\u003E\u003C\u002Fx-placeholder\u003E\u003Cx-placeholder id=\"f122045eb119e16734d9f3f08fff4b2eb4132fda\"\u003E\u003C\u002Fx-placeholder\u003E","bodyPlaceholders":{"620b6de4ff7ab2f903b060ded1c58a0ba4cbfc2e":{"data":{"altText":"","aspect":1.5,"autoCrop":false,"caption":"Warren Buffett is one of the richest people in the world, and perhaps the most prolific investor ever.","credit":"Bloomberg","cropWidth":756,"fileName":"54a257f480f869e9540b533b058a19d53c711f79","id":"54a257f480f869e9540b533b058a19d53c711f79","offsetX":0,"offsetY":31,"originalHeight":null,"originalWidth":null,"source":"The Washington Post","zoom":0.378},"type":"image"},"affed515bc1496c330dfad8d1df4a734031fc770":{"data":{"newTab":false,"noFollow":false,"text":"more trimming of its stake in Apple","url":"https:\u002F\u002Fwww.afr.com\u002Fwealth\u002Finvesting\u002Fbuffett-halves-his-apple-stake-in-116b-stock-dump-20240803-p5jz7j"},"type":"linkExternal"},"c527d4a64e2f53e4c0170ec789014ee87ae67f09":{"data":{"newTab":false,"noFollow":false,"text":"the stock market’s value","url":"https:\u002F\u002Fwww.afr.com\u002Fchanticleer\u002Fmarkets-are-dangerously-bullish-this-is-the-crucial-number-to-watch-20241118-p5krf2"},"type":"linkExternal"},"deed00c964e5b0998f9ef71d9af43893e07d948d":{"data":{"id":"p5kmcb"},"type":"relatedStory"},"f122045eb119e16734d9f3f08fff4b2eb4132fda":{"data":{"id":"p5km84"},"type":"relatedStory"}},"byline":"Nir Kaissar","closeComments":false,"headlines":{"headline":"Buffett’s $499b cash hoard is an early warning signal"},"intro":"The Berkshire Hathaway chief executive does not claim to be an expert at market predictions, but he knows when stocks are overpriced.","wordCount":1074},"dates":{"created":"2024-11-22T03:51:33Z","firstPublished":"2024-11-23T03:01:47Z","imported":"2024-11-23T03:09:41.653204663Z","modified":"2024-11-23T03:09:41Z","published":"2024-11-23T03:01:47Z","saved":"2024-11-23T03:09:41Z"},"editingState":"ready","id":"p5ksvo","featuredImages":{"landscape16x9":{"data":{"aspect":1.777778,"caption":"Warren Buffett is one of the richest people in the world, and perhaps the most prolific investor ever.","credit":"Bloomberg","cropWidth":1059,"fileName":"54a257f480f869e9540b533b058a19d53c711f79","id":"54a257f480f869e9540b533b058a19d53c711f79","offsetX":0,"offsetY":60,"source":"The Washington Post","zoom":0.5298}},"landscape3x2":{"data":{"aspect":1.5,"caption":"Warren Buffett is one of the richest people in the world, and perhaps the most prolific investor ever.","credit":"Bloomberg","cropWidth":756,"fileName":"54a257f480f869e9540b533b058a19d53c711f79","id":"54a257f480f869e9540b533b058a19d53c711f79","offsetX":0,"offsetY":3,"source":"The Washington Post","zoom":0.3781}},"portrait2x3":{"data":{"aspect":0.666667,"caption":"Warren Buffett is one of the richest people in the world, and perhaps the most prolific investor ever.","credit":"Bloomberg","cropWidth":378,"fileName":"54a257f480f869e9540b533b058a19d53c711f79","id":"54a257f480f869e9540b533b058a19d53c711f79","offsetX":184,"offsetY":0,"source":"The Washington Post","zoom":0.378}},"square1x1":{"data":{"aspect":1,"caption":"Warren Buffett is one of the richest people in the world, and perhaps the most prolific investor ever.","credit":"Bloomberg","cropWidth":378,"fileName":"54a257f480f869e9540b533b058a19d53c711f79","id":"54a257f480f869e9540b533b058a19d53c711f79","offsetX":60,"offsetY":0,"source":"The Washington Post","zoom":0.252}}},"label":"Opinion","participants":{},"publicState":"published","seo":{"doNotIndex":false,"standout":false,"title":"Warren Buffett cash hoard warning"},"social":{"doNotShare":false},"sourceCms":{"cmsType":"authoring"},"sources":[{"id":"bloomberg-opinion","name":"Bloomberg Opinion"}],"storyFormat":{"layout":"opinion"},"tags":{"primary":{"context":"Topic","displayName":"Investing","id":"1st","name":"Investing","slug":"investing","urls":{"published":{"afr":{"path":"\u002Ftopic\u002Finvesting-1st"},"brisbanetimes":{"path":"\u002Ftopic\u002Finvesting-1st"},"canberratimes":{"path":"\u002Ftopic\u002Finvesting-1st"},"nine":{"path":"\u002Ftopic\u002Finvesting-1st"},"smh":{"path":"\u002Ftopic\u002Finvesting-1st"},"theage":{"path":"\u002Ftopic\u002Finvesting-1st"},"watoday":{"path":"\u002Ftopic\u002Finvesting-1st"}}}},"secondary":[{"context":"Person","description":"Warren Buffett","displayName":"Warren Buffett","id":"5px","name":"Warren Buffett","slug":"warren-buffett","urls":{"published":{"afr":{"path":"\u002Fperson\u002Fwarren-buffett-5px"},"brisbanetimes":{"path":"\u002Ftopic\u002Fwarren-buffett-5px"},"canberratimes":{"path":"\u002Ftopic\u002Fwarren-buffett-5px"},"nine":{"path":"\u002Fperson\u002Fwarren-buffett-5px"},"smh":{"path":"\u002Ftopic\u002Fwarren-buffett-5px"},"theage":{"path":"\u002Ftopic\u002Fwarren-buffett-5px"},"watoday":{"path":"\u002Ftopic\u002Fwarren-buffett-5px"}}}},{"config":{"company":{"exchangeCode":"nyse","stockCode":"GS"}},"context":"Company","displayName":"Goldman Sachs","id":"1mv2","name":"The Goldman Sachs Group, Inc","slug":"the-goldman-sachs-group--inc","urls":{"published":{"afr":{"path":"\u002Fcompany\u002Fthe-goldman-sachs-group--inc-1mv2"},"brisbanetimes":{"path":"\u002Ftopic\u002Fthe-goldman-sachs-group--inc-1mv2"},"canberratimes":{"path":"\u002Ftopic\u002Fthe-goldman-sachs-group--inc-1mv2"},"nine":{"path":"\u002Fcompany\u002Fthe-goldman-sachs-group--inc-1mv2"},"smh":{"path":"\u002Ftopic\u002Fthe-goldman-sachs-group--inc-1mv2"},"theage":{"path":"\u002Ftopic\u002Fthe-goldman-sachs-group--inc-1mv2"},"watoday":{"path":"\u002Ftopic\u002Fthe-goldman-sachs-group--inc-1mv2"}}}},{"config":{"company":{"exchangeCode":"nyse","stockCode":"VTI"}},"context":"Company","displayName":"Vanguard","id":"6fub","name":"The Vanguard Group","slug":"the-vanguard-group","urls":{"published":{"afr":{"path":"\u002Fcompany\u002Fthe-vanguard-group-6fub"},"brisbanetimes":{"path":"\u002Ftopic\u002Fthe-vanguard-group-6fub"},"canberratimes":{"path":"\u002Ftopic\u002Fthe-vanguard-group-6fub"},"nine":{"path":"\u002Fcompany\u002Fthe-vanguard-group-6fub"},"smh":{"path":"\u002Ftopic\u002Fthe-vanguard-group-6fub"},"theage":{"path":"\u002Ftopic\u002Fthe-vanguard-group-6fub"},"watoday":{"path":"\u002Ftopic\u002Fthe-vanguard-group-6fub"}}}},{"config":{"company":{"exchangeCode":"nyse","stockCode":"BLK"}},"context":"Company","displayName":"BlackRock","id":"6fua","name":"BlackRock Inc","slug":"blackrock-inc","urls":{"published":{"afr":{"path":"\u002Fcompany\u002Fblackrock-inc-6fua"},"brisbanetimes":{"path":"\u002Ftopic\u002Fblackrock-inc-6fua"},"canberratimes":{"path":"\u002Ftopic\u002Fblackrock-inc-6fua"},"nine":{"path":"\u002Fcompany\u002Fblackrock-inc-6fua"},"smh":{"path":"\u002Ftopic\u002Fblackrock-inc-6fua"},"theage":{"path":"\u002Ftopic\u002Fblackrock-inc-6fua"},"watoday":{"path":"\u002Ftopic\u002Fblackrock-inc-6fua"}}}},{"context":"Content","description":"Opinion","displayName":"Opinion","id":"1ql","name":"Opinion","slug":"opinion","urls":{"published":{"afr":{"path":"\u002Fopinion"},"brisbanetimes":{"path":"\u002Fopinion"},"canberratimes":{"path":"\u002Fopinion"},"nine":{"path":"\u002Ftopic\u002Fopinion-1ql"},"smh":{"path":"\u002Fopinion"},"theage":{"path":"\u002Fopinion"},"watoday":{"path":"\u002Fopinion"}}}}]},"urls":{"canonical":{"brand":"afr","path":"\u002Fwealth\u002Finvesting\u002Fbuffett-s-499b-cash-hoard-is-an-early-warning-signal-20241122-p5ksvo"},"published":{"afr":{"path":"\u002Fwealth\u002Finvesting\u002Fbuffett-s-499b-cash-hoard-is-an-early-warning-signal-20241122-p5ksvo"}},"webslug":"buffett-s-499b-cash-hoard-is-an-early-warning-signal"},"version":{"internal":14,"sourceCms":5}},"errorStatusCode":undefined,"isRenderIframe":false,"isRenderPreview":false,"isRenderWebview":false,"isRenderSubscription":false,"isLazyLoadedImagesTriggered":false,"isTruncatedView":true,"loading":false,"parentInfo":undefined,"staticContent":undefined,"supportOnAnimationEnd":false,"type":"article","uiTheme":"default","webviewErrorStatusCode":undefined,"headers":["fastly-client-ip : 46.248.188.178","x-nine-article : truncate"]},"navigation":{"visible":false},"onboarding":{"hideNewsfeedArticleOnboarding":false,"hideTagOnboarding":true},"paywall":{"isReadyToPayWithGoogle":false,"readyToPayWithGoogleChecked":false,"rule":undefined,"swgAccountCreationStatus":"","swgLoadStatus":"NOT_LOADED"},"purchaseFunnel":{"isConfirmationModalVisible":false},"search":{"tab":"Articles","visible":false},"savedArticles":{"error":undefined,"loading":true,"savedAssetIDs":[],"savedAssets":[]},"todaysPaper":{"url":undefined,"token":undefined},"user":{"accountSettings":undefined,"createdTime":undefined,"draftFollowedTags":[],"followedTagIDs":[],"followedTags":[],"inNewsfeedOnboarding":false,"loadedAccountSettings":false,"newsfeedMode":"","updatedTime":undefined},"userNavigation":{"visible":false},"videoPlayer":{"scriptLoaded":false}};</script><div><script id="__LOADABLE_REQUIRED_CHUNKS__" type="application/json" type="module">["4429"]</script><script id="__LOADABLE_REQUIRED_CHUNKS___ext" type="application/json" type="module">{"namedChunks":["StandardArticleTemplate"]}</script> <script async data-chunk="client" src="/assets/2759.583a81e99e118a99aa92.js" type="module"></script> <script async data-chunk="client" src="/assets/2914.5696ac08baf065986d76.js" type="module"></script> <script async data-chunk="client" src="/assets/vendors.d5d5f57567b65bb1b6d0.js" type="module"></script> <script async data-chunk="client" src="/assets/client.1a8704ea8bfb0be2cf95.js" type="module"></script> <script async data-chunk="StandardArticleTemplate" src="/assets/StandardArticleTemplate.1bae295a7a7b5c190611.chunk.js" type="module"></script></div><link data-chunk="client" rel="stylesheet" href="/assets/client.c10486cb4396e2fefd22.css"/><link data-chunk="StandardArticleTemplate" rel="stylesheet" href="/assets/StandardArticleTemplate.2b1415285179efdd1e1f.chunk.css"/></body></html>