The S&P 500 is down 7.5%—but if you're worried about it, ‘you shouldn't own stocks,' says Warren BuffettThe S&P 500 — a measure of the broad U.S. stock market — was down about 2% in early trading, putting it 7.5% below the index's all-time high close on July 16. Further declines would put stocks in the territory of a correction, defined as a decline of 10% or more from the market's peak. Notably, the S&P is still up 10.5% since the start of the year.
If you're a long-term investor, it doesn't really matter. In fact, you'd be wise to ignore short-term ups and downs in the stock market altogether — at least according to Buffett.Dow drops 860 points, and Japanese stocks suffer worst crash since 1987 on U.S. economy worries "It's going to go down sometimes, if you own a stock, so why worry about it?" he said."The point is to buy something you like at a price you like, and then hold it for 20 years. You should not look at it day-to-day."When it comes to finding stocks he likes, Buffett is famous for value investing — buying stocks in companies that are trading at a discount to their intrinsic worth.
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