Buffett's senior apprenticeIn my leisure time, I read about the over two hundred years of history of U.S. stocks. The period from 1982 to 2000 was an 18-year-long super bull market, which finally peaked in March 2000.
In reality, as early as 1993 and 1994, people had already started calling for a downturn, but the market kept rising until it crashed in 2000.
The current AI-led tech wave and the U.S. stock bull market are also very strong, and many economists are starting to call for a downturn. No one knows how high it will go. Warren Buffett's holdings of cash and bonds are approaching $400 billion. Holding cash and waiting has caused his returns to lag the market by 25%, and he's starting to be mocked again for missing out.
It's largely similar to the previous internet wave. The difference is that the productivity gains brought by AI seem to be something ordinary people can immediately and tangibly feel. So, where will it ultimately go?
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