市場の変動をどう考えるか/バフェットからの手紙1997年版

市場の混乱に乾杯してバフェットからの手紙・1997年版
How We Think About Market Fluctuations の一節でもいかが?

2つの問い
" If you plan to eat hamburgers throughout your life and are not a cattle producer, should you wish for higher or lower prices for beef ? "
" If you expect to be a net saver during the next five years, should you hope for a higher or lower stock market during that period ? "
への答えはいずれも同じ。
" Prospective purchasers should much prefer sinking prices. "

ただ私たちは、乾杯して酔っ払ってばかりもいられない。
ここ2,3年の株価と今を比較して喜んでるようなとこあるけど、
それで本当にいいの?ってちょっと立ち止まって考え直してみよう。

バフェットさんは、このセクションの最後でこう語る。
" We gained enormously from the low prices placed on many equities and businesses in the 1970s and 1980s. Markets that then were hostile to investment transients were friendly to those taking up permanent residence. In recent years, the actions we took in those decades have been validated, but we have found few new opportunities. "
1997年のバフェットさんの目に、1970,80年代はどう映ってたのかな?
今週末はそこらへんをよーく考えてみたい。