Good reflections! I wonder though whether many quality investors were lulled into a false sense of security, and have over-optimized the past 20 years of experience, rather than learning from a longer time span.

It’s comforting to quote Munger and Buffett on market declines, but B&M got the first step right too, to buy at reasonable valuations. It is much easier to weather a 50% decline on a 100% gain, rather than taking the 50% decline first.

Today’s quality investors have chosen to pay up (heavily) for yesterday’s story, after a decade of multiple expansions, rather than getting a discount on tomorrow’s story.