Notice that Buffett doesn't try to figure out the "macro"/big-picture calls but rather, focuses on if an individual company is undervalued relative to its market price at the time: My expectation of more stock purchases is not a market call. Charlie and I have no idea as to how stocks will behave next week or next year. Predictions of that sort have never been a part of our activities. Our thinking, rather, is focused on calculating whether a portion of an attractive business is worth more than its market price.