Everyone wants to leave the party seconds before midnight

Is Warrent Buffet warning in 2000 true today?

They know that overstaying the festivities — that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future — will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There’s a problem, though: They are dancing in a room in which the clocks have no hands.

This is what the wise man from Omaha told Berkshire investors in its letter 2 decades ago.

The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money.

MarketWatch explains it very well in this article 

Today’s investor knows a thing or two about effortless money, as the disconnect between the market highs and the reality of the devastated economy has never been more pronounced, thanks in large part to the Federal Reserve’s commitment to pumping cash into the system.

Enjoy speculation (while it lasts)