“… be fearful when others are greedy and greedy only when others are fearful." Warren Buffett, Berkshire Hathaway annual letter, 2004 Negative surprises like we’ve seen this past week are always concerning. Even more so when the stock market is expensive. Today it is very expensive. That does not necessarily mean that it will go down tomorrow. What it does mean is that stocks are likely to do less well in the decade ahead. The price-to-earnings ratio of stocks is now 30x,