Mr. Buffett on the Stock Market

Added to The Forgotten Web: 2026-06-07. Historical publication details follow.

1999-11-22 · market essay · archive copy

WhatValuation argument about long-run stock returns.

Why nowEuphoria made the sober math valuable.

Statusarchive copy

Found inmarkets that aged well

Warren Buffett explains why market returns are bounded by business results, interest rates, and starting valuations.

WHY IT STILL MATTERSIt is a clean antidote to line-goes-up thinking: price still matters when everyone wants it not to.

Best opened when a boom has started calling arithmetic “old-fashioned.”