Inflation crossed the 2% target in March 2021 and it kept rising, but the Federal Reserve failed to take action for almost a full year, insisting that transitory factors were to blame. Investors pour over his shareholder letters each quarter in search of actionable insights, and thousands of fans attend Berkshire Hathaway's annual meeting each spring to hear his thoughts on business and the economy. More broadly, the entire stock market is prone to volatility when measured in weeks or months, but investors who think in terms of years and decades are much more likely to profit.