Subject: Re: "Composition of the world..."
WEB acknowledges that while it is possible to estimate a fair value, it is hard to predict the market in anything but the longest terms. In 1999 he gave the famous Sun Valley speech, warning the NASDAQ was overvalued at 2600. Eight months later it was at 5400, proving what an out of touch old traditionalist he was. Eighteen months later it was still higher than when he gave the lecture. From there it dropped to 1380 and it took the life of 17 year locust for it to recover.

WEB simply will not deploy cash unless he feels he is getting a good value. There may be better approaches over various time spans but his discipline is admirable.