Referenced from the 2017 Berkshire Shareholders Letter, written by B-man himself:
"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.”
Berkshire’s net worth gain during 2017 was $65.3 billion.
"We don't have to be smarter than the rest; we have to be more disciplined than the rest."
-- Warren Buffett
Avoiding stupidity is a lot easier than seeking brilliance. Good investors set-up their portfolios for survival, not returns. That's why you don't see them fearing declines. While everyone else goes crazy, they choose to do the average thing. They wait.