Warren Buffett：Berkshire 1994 Letter, Excerpt 4

But, surprise - none of these blockbuster events made the slightest dent in Ben Graham's investment principles. Nor did they render unsound the negotiated purchases of fine businesses at sensible prices. Imagine the cost to us, then, if we had let a fear of unknowns cause us to defer or alter the deployment of capital. Indeed, we have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.

Source： https://www.berkshirehathaway.com/letters/1994.html
Locator：1994 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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