Subject: Re: Value, when to buy
So if you sold in the low $400s some time ago at a point of then high valuation… and you’re waiting for undervaluation you might very well have to pay $650 in a few years when it may be very cheap. Who knows?

You know, this does not apply just to Berkshire stock but S&P 500 or any broad market index.

Zweig made fun of Cramer thrusting his hips at Buffett during the tech stock runup in 1997-1999. I think the last laugh is on Cramer the idiot savant.

None of us is smart enough to know which specific stock will beat the market in the long run. If you want to delude yourself like Munger did with BABA, go ahead. I am out. I know it's not Berkshire Hathaway.