Search+Intelligent InvestingSynopsisWarren Buffett compared bubble investors to Cinderella at the ball: Everyone plans to leave just before midnight, but they are dancing in a room where the clocks have no hands. The metaphor explains why bubbles persist long after participants know they should exit.This letter of Warren Buffett to his shareholders is probably among the most important he has ever written. Why? Because it came at a time when the dot-com boom had just gone bust. Now, we are not saying that we are close to another boom heading for a bust, but then who can tell in the market – apart from very astute investors?As is his style, Buffett addressed the issue by telling a story – just as one of the largest bubbles in financial ETMarkets.com 18 mins readJun 18, 2026, 09:35:00 PM ISTGift this Story to your friendsFONT SIZEAbcSmallAbcMediumAbcLargeSAVEPRINTCOMMENTContinue reading with one of these options:Limited AccessFreeLogin to get access to some exclusive stories & personalised newslettersLogin NowUnlimited AccessStarting @ Rs120/monthGet access to exclusive stories, expert opinions & in-depth stock reportsSubscribe NowETUh-oh! This is an exclusive story available for selected readers only.Worry not. You’re just a step away.What’s Included withETPrime Membership