--- title: "Meaning & Key Takeaway of: An irresistable footnote: in 1971…" description: "\"An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy e..." image: "https://sms4smile.com/quotes/i/1bd/warren-buffett-183_available_an-irresistable-footnote-in-1971-pension_2939521.png" --- # An irresistable footnote: in 1971, pension fund managers… ![“An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.” quote by Warren Buffett](https://sms4smile.com/quotes/i/1bd/warren-buffett-183_available_an-irresistable-footnote-in-1971-pension_2939521.png) [Download](https://sms4smile.com/quotes/i/1bd/warren-buffett-183_available_an-irresistable-footnote-in-1971-pension_2939521.png) [Open image](https://sms4smile.com/quotes/i/1bd/warren-buffett-183_available_an-irresistable-footnote-in-1971-pension_2939521.png) > “An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.” [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Investors swung from over‑investing in stocks to extreme under‑investment, showing market timing errors. **In simple terms:** Investors misjudge market timing. Key Takeaway Avoid timing the market. Themes investment behavioral finance market cycles Mood analytical pragmatic Type financial educational When to use this quote - personal finance - risk management Key Concepts over‑investment under‑investment recorded percentages Questions to Reflect On - How to maintain balanced portfolios? - What signals indicate market extremes? A Different Perspective Timing the market is nearly impossible. ★ ★ ★ ★ ★ No ratings yet [Available](https://sms4smile.com/quotes/about/available/) [Bottom](https://sms4smile.com/quotes/about/bottom/) [Committed](https://sms4smile.com/quotes/about/committed/) [Customer](https://sms4smile.com/quotes/about/customer/) [Enough](https://sms4smile.com/quotes/about/enough/) [Equity](https://sms4smile.com/quotes/about/equity/) [Fallen](https://sms4smile.com/quotes/about/fallen/) [Footnotes](https://sms4smile.com/quotes/about/footnotes/) [Fund](https://sms4smile.com/quotes/about/fund/) [Fund Managers](https://sms4smile.com/quotes/about/fund-managers-734354/) [Invested Record](https://sms4smile.com/quotes/about/invested-record-4376203/) [Investing](https://sms4smile.com/quotes/about/investing/) [Lows](https://sms4smile.com/quotes/about/lows/) [Management](https://sms4smile.com/quotes/about/management/) [Managers](https://sms4smile.com/quotes/about/managers/) [Managers Invested](https://sms4smile.com/quotes/about/managers-invested-4376202/) [Net Funds](https://sms4smile.com/quotes/about/net-funds-4376204/) [Pension](https://sms4smile.com/quotes/about/pension/) [Pension Fund](https://sms4smile.com/quotes/about/pension-fund-668952/) [Records](https://sms4smile.com/quotes/about/records/) ## Related quotes > [The whole concept of dividing it up into 'value' and 'growth' strikes me as twaddle. 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