An unavoidable consequence Buffett and Munger both spoke negatively about the state of the economy due to inflation and how it is largely a result of loose fiscal and monetary policy. The bigger takeaway is that a bear market can create life-changing wealth for investors in companies with bright futures, positive cash flows, and durable balance sheets. It is selectively buying companies that are contributors to inflation (upstream producers like Occidental) or have relatively reliable cash flows and inexpensive valuations (like Chevron and HP).