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I don't take that quote as meaning that at all.  Having Cash in a CMT that rolls over each month is to me indicative that you haven't made a decision and will reinvest when you feel comfortable with it and identify opportunities... which is considerably different to putting your cash in a 3 or 5 year fixed term deposit... to my mind that was what WB was on about... you obviously see it differently ?

Of course but those in misery  are those who used inappropriate levels of leveraging or poorly thought through strategies.  No way in hell did I even consider selling my WBC shares that I bought for $3 or my $18 BHP shares for example, the Dividend return on the WBC shares can't even come close to being matched by any term deposit.

My "strategy" is to accumulate enough shares for an excellent dividend stream for retirement (I am semi retired at the moment), I receive more in dividends then many people make as a wage and I still earn much more as a salary then I need to live from year to year, so I accumulate cash, then buy when I am comfortable, it's pretty boring to most people.  I have been doing that since the very early '90's in my very early 20's.  The work I do with investing is identify excellent companies and fair value, I am not that good at it though.   I have had IP's over the years (and still have 1) so I am not immune to real estate but I don't make a good residential landlord.