“We do not have, never have had, and never will have an opinion about where the stock market, interest rates, or business activity will be a year from now.”
Imagine being able to make billions off the stock market and not having an opinion on the stock market or interest rates. How can Warren do it? He can do it because everyone else is concerned with stock market gyrations and where interest rates are going to be next year, which means that they end up doing silly things like selling a business that has great underlying long-term economics because the Fed might raise interest rates a quarter point. And when these impressionable investors sell great businesses for some silly reason, Warren is there waiting to buy them, and once he gets his hands on them, he isn’t letting go. So if you want to become superrich, just ignore all the rant and rave about where the stock market is or is not going, and forget about the Fed and interest rates, and just focus on determining the long-term economic value of the companies that have a durable competitive advantage and then determine where they are selling in relationship to that value. When they are undervalued, buy them, and when they are overvalued, stay away from them. And if you are diligent and stay with the program long enough, you will eventually acquire a portfolio of fantastic companies that will make you superrich over the long run, just as Warren has done.