I will not live for 100 years either. But draw a line between where the market was when Buffett made his 1 million prediction and 100 years hence. You will see that the value 5 years hence is far higher than what it is now..
And looking at the SP500 earnings, we are trading at the lower end of the historical range. IOW, the market is more on the cheap side than the expensive side using history as our guide.
1. The Market is NOT cheap - Cheap is P/E of 7 - as Warren would say.
2. Between Now and FIVE years from now the Market will crash 30-50%. I would prefer to be in cash while the market gets to a Cheap enough Warren type valuation.