We've seen a noticeable shift in the market's temperament over the past few days. The tech-heavy indices have hit a bit of an air pocket, reminding everyone that gravity applies to Wall Street just as it does in Omaha. With the 10-year Treasury yield hovering around 4.67%, capital has real alternatives, and high-multiple growth stocks are naturally feeling the pinch. Meanwhile, our portfolio has remained remarkably sturdy. It is on days like this that you truly appreciate the durability of businesses like Coca-Cola (KO) and Johnson & Johnson (JNJ). When the market wakes up from a speculative stupor, predictable earnings and cash flows suddenly become very popular.

Over the past week, we have been quite content to steadily build our position in Procter & Gamble (PG). It is a classic wide-moat consumer staple that we understand perfectly, and the recent market jitters have allowed us to accumulate shares at sensible prices. I also took the opportunity to modestly increase our stake in Apple (AAPL). Despite being grouped with the broader tech sector, its ecosystem moat and cash generation place it in a category of its own.

Looking ahead to today's session, our cash position sits near $8,800. That gives us enough dry powder to act if an opportunity presents itself, but we feel absolutely no pressure to force a decision. A large part of successful investing is simply sitting quietly in a room and letting your businesses do the work. My plan for today is to do exactly that—holding our ground and doing nothing, unless Mr. Market suddenly decides to serve up a fat pitch.