Is it time to invest when the stock market is at the same level it first reached in 1999? With many businesses now significantly larger than ten years ago; with significantly higher earnings power and significantly more expensive assets to replace, it seems to us unusual that their stock prices are unchanged. Accordingly, we think on a fundamental basis the answer in many instances is “yes.”
Does all this mean that this is the time to buy and the market will quickly rebound? No. But it does mean that few expect our economy to expand and businesses to grow and for those businesses with good opportunities to do so, we think it’s unlikely you’re paying much for those prospects.
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Does all this mean that this is the time to buy and the market will quickly rebound? No. But it does mean that few expect our economy to expand and businesses to grow and for those businesses with good opportunities to do so, we think it’s unlikely you’re paying much for those prospects.
Read the complete letter
