buffett zero to hundred pc in shares, page-47

As long as there are lots of people around who think there is going to be a rally, there won't be a rally.

Basically, these people are buying into a falling market on hope alone and wasting their reserves. When they are spent, there will be a period of desperation then the market will begin to slowly come to order.

Growth will be slow and imperceptible at first.

This fall is not comparable with other falls. The level of unfunded debt is astronomical and values must be re established without debt or with much less debt at a level which is fundable.