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Buffett is bullish on stocks but says the market can drop 50%

There is a gem in Buffett’s annual letter, which was released over the weekend, that nobody is talking about. He writes: “Anything can happen to stock prices tomorrow. Occasionally, there will be major drops in the market, perhaps of 50% magnitude or even greater.” He continues that the combination of what he calls “The American Tailwind” and “compounding wonders” will make equities “the much better long-term choice for the individual who does not use borrowed money and who can control his or her emotions. Others? Beware!”



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