Amid the daily parade of frightening headlines, it’s anyone’s guess what will make stocks recover from here. But through all the uncertainty, I am keeping in mind Warren Buffett’s observation that “the future is never clear; you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.” As I wrote on May 6, I agree with this sentiment wholeheartedly:
The near term will likely be bumpy, but I’m optimistic about the future. In fact, now is when investors should be thinking about increasing their equity exposure: historically, the best time to invest is when you feel the worst. Even highly experienced and successful investors find taking this plunge difficult, particularly when prices keep falling, but buying great businesses at marked-down prices and holding them for the long-term is historically how the best returns are made.
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