Agree with most of this and note the piece makes no mention of things like the inverted yield curve, unemployment, and such: all pointing to a fall. Buffet sees there is at least not much further to climb so the next move might cautiously be down. No tree grows to the moon, after all. The debt to GDP ratio is a little scary but recall the reverse. At the end of Clinton's second term he raised taxes a bit and made a surplus. We've conditioned ourselves to not consider the possibility of raising taxes to help balance the budget, a grave mistake. When Clinton raised taxes, wealth went into riskier investments because there would be tax advantages if the investments failed and profits if they increased. Truly a first world problem. At any rate all that investment fueled the dotcom bubble which in itself was not good. But afterwards, the surviving tech companies made the world we live in now. There are various opinions about how good or bad that is but I'd say it's more good than not. Some of those companies are now reaching for the moon. They'll fail in the attempt but that's fuel for the creative destruction cycle. So hang on.