巴菲特认为如果市场上的股票没有便宜的价格，不如减少债务（杠杆），保留部分现金等待大熊市的机会再买。

2018年，巴菲特在Berkshire Hathaway的年度报告里说到：

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Over time, however, Ben Graham’s oft-quoted maxim proves true: “In the short run, the market is a voting machine; in the long run, however, it becomes a weighing machine.”

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When major declines occur, however, they offer extraordinary opportunities to those who are not handicapped by debt. That's the time to heed these lines from Kipling's If:
"If you can keep your head when all about you are losing theirs . . .
If you can wait and not be tired by waiting . . .
If you can think – and not make thoughts your aim . . .
If you can trust yourself when all men doubt you...
Yours is the Earth and everything that's in it.”

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February 24, 2018

Warren E. Buffett

Chairman of the Board