A market downturn doesn't bother us. It is an opportunity to increase our ownership of great companies with great management at good prices.
Source: Berkshire Hathaway Letters · Markets · Valuation · Management
Core Idea
Market declines are not threats but chances to buy more shares of strong, well-managed companies at attractive prices, enhancing long-term ownership and future returns.
Practical Application
When markets drop, focus on buying more of your strongest, well-managed companies at cheaper prices instead of panicking, so you steadily build long-term wealth.
Why It Matters
The special insight is that temporary market drops are valuable chances to buy more of high-quality businesses cheaply, turning volatility into a powerful long-term wealth-building advantage.