Warren Buffett: You Pay A Very High Price In The Stock Market For A Cheery Consensus

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Feb 21, 2011
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This is an article written by Warren Buffett for Forbes in 1979. More than 30 years later, as we read it again, we learned something new again.

A second argument is made that there are just too many question marks about the near future; wouldn't it be better to wait until things clear up a bit? You know the prose: "Maintain buying reserves until current uncertainties are resolved," etc. Before reaching for that crutch, face up to two unpleasant facts: The future is never clear; you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.

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