Buffett highlighted the importance of land, farms, real estate, and other productive assets that have tangible value, especially during times of inflation and geopolitical risk. Buffett and Munger believe that a lot of the fuel that powered that raging bull market came from speculative practices by Wall Street and retail investors. Short-term uncertainty Amid wry jokes, sharp wit, and admissions of countless mistakes, Buffett was, as usual, open about Berkshire's inability to time markets.