The flip side of the lack of confidence in stocks is an overextended bull market in fixed-income securities, Buffett said.
股票市场缺少信心的另一面是固定收益市场过渡扩张的牛市,巴菲特说。
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So, for example, in the latter stages of the current cyclical bull market, gold and other hedges against inflation got relatively cheaper as stocks continued to soar.