Buffett Warns as Stocks Reach Record Highs

Several articles warn that U.S. stocks are expensive after a strong rally, with elevated valuations and enthusiasm for AI echoing some features of the dot-com era. Warren Buffett’s comments emphasize the risks of speculative buying and the effect higher interest rates can have on asset prices, while also cautioning that market direction is impossible to predict reliably. His broader approach is to focus on business fundamentals and long-term investing rather than trying to time a downturn. Bill Ackman offers a complementary view: uncertainty and sell-offs can create opportunities for investors willing to act before markets recover.