The stock market is at record highs right now, but the next crash somehow feels like it’s just around the corner. So what should investors do?

It’s not easy to find attractive buying opportunities in this kind of situation. But that’s exactly what I’m looking to do.

My views on this come from Charlie Munger. Warren Buffett’s former right-hand man at Berkshire Hathaway was an amazing source of wisdom.

In 2022, Munger was asked at the Daily Journal meeting about conserving cash for future opportunities. His response was the following:

In my whole adult life I’ve never hoarded cash waiting for better conditions. I’ve just invested in the best things I could find. I don’t think I’m going to change now.

I’m doing the same in my Stocks and Shares ISA. And there are two main reasons for this.

One is that there’s no guarantee something better will come along. That’s true even with the stock market at record highs.

The other is that I think there are still opportunities that look genuinely attractive. And that’s where I’m focusing my attention.

There’s a lot of money in the stock market looking at short-term opportunities. By that I mean the next 90 days.

As someone looking a bit further ahead, that’s probably a good thing for me. It gives me a chance to look where others aren’t.

A good example is the conflict in the Middle East. That might well be a big theme for the stock market in the next three months.

I don’t, however, think the next 10 or 15 years are going to be dominated by the current conflict. So I can view things differently.

There are stocks that others are wary of over the next three months that I’m positive about from a 10-year perspective. And we might both be right.

Informa (LSE:INF) is a good example. The stock has been falling as a result of the situation in the Middle East, but I’ve been buying it recently.

The threat is real – the firm has significant operations in Dubai, including an upcoming IPO. And the conflict threatens to disrupt this.

My view, however, is that the company’s intangible assets are very strong. These are its trade shows, which are industry-leading events. Over time, I expect these to generate durable returns for the company. And with the stock 19.67% off its recent highs, I see an opportunity.

The share price could fall further form here, if the conflict escalates. But from a long-term perspective, this is an entry point I’m happy with.

The stock market might be at record highs. But that doesn’t make me think I should be conserving cash and waiting for opportunities.