Buffett was perhaps prescient, as the 1970s then proved to be one of the worst decades ever in the stock market. Returns were essentially flat for the decade, even as earnings grew, as the price-to-earnings ratio of the market went from about 20 times earnings to just 7 times earnings. Yikes!

For the first time since 2018, Buffett’s company didn’t buy back any stock in the quarter, according to FactSet.

Warren Buffett’s Berkshire Hathaway has over $325 billion in cash on hand. But Buffett is in no rush to spend that on his own company’s stock. Berkshire Hathaway (BRK.A) did not buy back any of its own shares in the third quarter,