Warren Buffett：Berkshire 2008 Letter, Excerpt 2

By the fourth quarter, the credit crisis, coupled with tumbling home and stock prices, had produced a paralyzing fear that engulfed the country. A freefall in business activity ensued, accelerating at a pace that I have never before witnessed. The U.S. – and much of the world – became trapped in a vicious negative-feedback cycle. Fear led to business contraction, and that in turn led to even greater fear.

Source： https://www.berkshirehathaway.com/letters/2008ltr.pdf
Locator：2008 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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