The stock market is there to serve you, not instruct you.
Source: Berkshire Hathaway Letters · Markets
Core Idea
Buffett means investors should treat market prices as occasional opportunities, not authoritative guidance, and base decisions on independent business analysis rather than short-term market sentiment.
Practical Application
Use market prices as a menu, not a teacher: buy when good businesses are on sale, ignore noisy swings, and let your own analysis, not crowd emotions, guide decisions.
Why It Matters
Buffett highlights a mindset shift: treat market prices as temporary offers, not wisdom, and anchor decisions in intrinsic business value instead of fluctuating collective opinion.