Echoes of 1999 and 2007 aren’t hard to hear, but what does that mean for investors?
In his 2023 letter to shareholders, Warren Buffett reminded Berkshire Hathaway investors that major market panics “won’t happen often — but they will happen.” They are a fact of life in markets ultimately made up of humans — humans prone to getting caught up in waves of “feverish activity” and “foolishness.”
And while this has always been the case, Buffett was particularly concerned with the level to which the modern market appeared “casino-like,” pointing out that “the casino now resides in many homes and daily tempts the occupants.”
Now, two years later, as the S&P 500 (^GSPC -0.29%) sets new record highs, the total