“Sooner or Later, Value Counts”

Quoted in a Fortune article published on November 22, 1999, with the Dow Jones Industrial average hovering around the 11,000 level, Warren Buffett provided the following thoughts:

1. Valuing the market has nothing to do with where it is going to go next week or next month or next year
2. Over the next decade, it would be hard to come up with a persuasive case that equities will perform anything like they had over the previous 17 years (1981-1998), and more likely to perform similar to the 1964 to 1981 period.

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