At the 2025 Berkshire Hathaway Annual Meeting, Warren Buffett reflected on his lifetime of market experience, underscoring the importance of investor temperament.
“When I was born in 1930, the Dow was 240, and soon after it dropped to 41,” Buffett recalled. “If being down 15% in the market upsets you, you need a different investment philosophy. The world isn’t going to adapt to you—you have to adapt to it.”
Buffett warned that extreme market swings are inevitable, predicting that within the next two decades investors will face turbulence more dramatic than most have seen before. He emphasized that while markets periodically deliver shocks, they remain fertile ground for disciplined investors.
“The market is a terrible place if you get frightened by declines or overly excited by gains,” he said. “You’ve got to check emotions at the door when you invest.”
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© 2026 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.