24 Oct 2022 Weitz Investment Management Q3 2022 Commentary: Don't Wait for the Robins ( Portfolio )

The bad news for corporate profits is likely to continue for a while, and the bear market may have further to run (drop). But after the selling has run its course — after desperate sellers stop accepting distress prices and buyers regain some courage — the bear market ends. There is no way to predict with any certainty when this will happen, but the turn will probably not come because the news has turned positive — it will come before the coast is clear. As Warren Buffett said in late 2008, “If you wait for the robins, Spring will be over.”