More notes on Berkshire AGM videos, junk bond spreads, and spotting bubbles:
BERKSHIRE AGM NOTES
Smart Competition/Herd Behavior
It's tempting to reason that the concentration of talent in stocks would dry up opportunities for smaller investors but the 2008 financial crisis (which happened about two years after this talk), 2020 pandemic outbreak, and numerous market convulsions outside the US - not to mention industry-specific downturns that happen more frequently - indicates that people, no matter how smart they are, succumb to fear and uncertainty in a herd-like manner rendering them paralyzed and unable to act.
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