Back at the end of August, Warren Buffett told Bloomberg 'I'm buying stocks' when asked if the market was overextended. He then went on to explain why, despite the market being significantly overbought compared to his favorite valuation metric (total stock market value to GDP), he still likes equities:
Q3 hedge fund letters, conference, scoops etc
"I'm buying stocks, but I'm not buying them because I think they're going to go up next year, I'm buying them because I think they'll be worth quite a bit more money ten years or twenty years from now...I do know they're good businesses..."
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