When, not if

Warren Buffett, at 95, has written what may be his final extended letter to Berkshire Hathaway shareholders. After announcing his transition to Greg Abel as CEO, he spent considerable time reminiscing about Omaha, discussing his philanthropic plans, and offering wisdom accumulated over seven decades of investing. But buried in this thoughtful farewell was a sentence that should make every investor pause: "Our stock price will move capriciously, occasionally falling 50 per cent or so as has happened three times in 60 years under present management. Don't despair; America will come back, and so will Berkshire shares." Three times in 60 years. This isn't speculation or fear-mongering. This is the documented history of one of the world's most successful companies, managed by arguably the greatest investor who ever lived. The first occasion was the 1973-74 bear market, when Berkshire fell about 59 per cent in a general collapse driven by oil shocks and stagflation. The second was during the dot-com bubble of 1998-2000, when Berkshire dropped 48 per cent. This was an interesting time because the broa

This article was originally published on December 01, 2025.