Mr. Buffett, as usual, has lots of useful advice to help ordinary investors improve their investing skill and increase the odds of success in achieving investment goals.
From this year’s letter, he addressed the fact that stocks will go down from time to time and instead of panicking, we should follow Rudyard Kipling’s advice.
“When major declines occur, however, they offer extraordinary opportunities to those who are not handicapped by debt. That’s the time to heed these lines from Kipling’s If:
If you can keep your head when all about you are losing theirs . . .
If you can wait and not be tired by waiting . . .
If you can think – and not make thoughts your aim . . .
If you can trust yourself when all men doubt you
Yours is the Earth and everything that’s in it.”