What Warren Buffett Said 20 Years Ago Still Holds True With the Market Down 23% Again
The S&P 500 is down 22% year to date, as of this writing -- one of the worst one-year performances in many investors' lifetimes. Returns in 2008 were worse, with stocks dropping 38% that year. But returns in 2022 are on par with 2002, which was the second-worst year for stocks in the last 47 years.
Investors love a good quote from investing great Warren Buffett. Many default to his pithy line, "Be fearful when others are greedy and to be greedy only when others are fearful." But what if I told that in 2002, when stocks were down 23% and down for a third consecutive year, Buffett didn't take his own greedy advice?
It's true. Back then, Buffett said he had an "aversion" to buying stocks and he consequently bought very little. This may shock some and discourage others. But either way, I believe Buffett's words from 20 years ago offer timely perspective for today's bear market investor.
Source Fool.com
