people dont understand the meaning of holding cash. holding cash is not equal to do nothing.

icap is holding like 70%ish cash.. if im not mistaken berkshire held or holding 80% cash also.

ttb may be not performing the best but he still doing good, if you look at longer history.

the problem of icap is ttb just too conservative. all because of his reputation. like wb says "It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently."
reputation and investors interest, he chose his reputation.