What with S&P and NASDAQ correcting pretty violently (US stock indices on Wednesday recorded their worst day in more than 18 months: S&P 500 fell 2.3%, its worst day since December 2022, while the tech-heavy Nasdaq Composite fell 3.6%, its worst day since October 2022) a reminder of what Buffett once said.
Back in October 2008, the Oracle of Omaha did something unusual.
He wrote an op-ed titled, "Buy America, I am" — his clearest signal yet that he is personally investing his own money into the stock market.
At the time, the NASDAQ (INDEXNASDAQ: .IXIC) had fallen by 40% from its all-time high.
It seemed like a good time to invest.
And yet, the tech-heavy index would fall another massive 26% before bottoming out six months later. In other words, as far as market timing goes, Buffett missed by a mile.
Here's the truth: he knew going in that the market could fall further.
Timing his entry was far from his mind. He said, back in October 2008:
"Let me be clear on one point: I can't predict the short-term movements of the stock market.
I haven't the faintest idea as to whether stocks will be higher or lower a month or a year from now."
So, if Buffett can't do it, regular investors don't have to beat themselves up expecting to be able to time the market.
Get Smart: Investing at All-Time Highs
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