Warren Buffett would have you believe that stocks are on sale right now.
He thinks wars are a wonderful thing for the stock market. He all but told us we'd all have more time to cook dinner if World War III broke out.
And I think Buffett's just covering for his buddy Obama, who’s got his butt in a sling over Russia, Ukraine, Syria, Libya, etc, ad nauseam, because nobody’s really frightened of the One and his multiple, imaginary red lines.
"You're going to invest your money in something over time,” the Carbuncle of Obama expostulated the other day on CNBC. “The one thing you can be quite sure of, is if we went into some kind of very major war, the value of money would go down. That's happened in virtually every war I'm aware of. The last thing you'd want to do is hold money during a war. You might want to own a farm, you might want to own an apartment house, you might want to own securities. During World War II the stock market advanced."
Buffett can be sure of it, because it would be hard for him to become poor again, but for those of us little people who still have to make out way in the world on facts, it’s bit tougher. He's right about the dollar, but he's wrong about stocks.
So, let’s cut to the facts for Warren, provided by Robert Shiller of Case-Shiller fame.
On January 1st 1939 the S&P 500 stood at 208.85.
On January 1st 1940 the S&P 500 stood at 206.99
On January 1st 1941 the S&P 500 stood at 175.02
On January 1st 1942 the S&P 500 stood at 133.05
On January 1st 1943 the S&P 500 stood at 139.66
On January 1st 1944 the S&P 500 stood at 159.30
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