Warren Buffett on Climbing a Wall of Worry

Justin Peek, CFP^®, CCFC^®, CLTC^®, AAMS^®

December 01, 2025

There is always something to worry about on Wall Street. In fact, there’s even a saying about how stock prices perform when investors are fretting.

“Wall Street climbs a wall of worry”—a quote that is often attributed to Warren Buffett. He didn’t say it, but he sure believed it.

Here are just a few things Wall Street is worrying about in November:

Lingering effects of the government shutdown
Has the Fed become hawkish?
The valuation of AI stocks
Is inflation coming back?
China trade
Who has rare earth minerals?

This list goes on (interest rates, jobs, etc., etc., etc.), but you get the point. Taken together, it’s enough to have some people say, “I’ll wait until it all gets resolved.” But remember, those were the same people who, in the Spring, suggested, “I’m going to the sidelines until the tariff issue gets resolved.”

Since May, stock prices have advanced for six consecutive months through October. And here’s the kicker—tariff issues are still unresolved.

Remember, when headwinds get cleared up, they can become tailwinds.

When we designed your strategy, we knew there would be periods of volatility and uncertainty. Why? Because there are always periods of volatility and uncertainty.