Article covers Warren Buffett's investing approach and why Berkshire is sitting on so much capital. BRK has averaged 19.9% returns since 1965 largely by buying quality businesses during panic selling. He views cash as 'ammunition' rather than a liability, which explains why he's currently holding a record cash pile. The logic is that a stock drop doesn't change intrinsic value, like how much Coke people drink. He cites his 2008 Goldman Sachs deal and long-term holdings in AmEx and Coke as examples of waiting for the right price rather than trying to time the market.