When this Wall Street Journal video of Warren Buffett’s reflection on the 2008 Financial Crisis debuted in early September 2018, a decade had passed since the beginning of the last big market crisis.
In light of current market volatility, it’s worth revisiting Buffett’s perspective today. Comparing the American economy to “an economic train moving down the track that has no ending,” he cautions against reacting to the occasional “derailments.”
“People talk about a fog of war,” says Buffett, “but there’s a fog of panic too, and during that panic, you’re getting inaccurate information, you’re hearing rumors. If you wait until you know everything, it’s too late.”
Words of wisdom that made sense in 2008. They still make sense today.