沃伦·巴菲特：伯克希尔 1994 年致股东信·摘录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.

出处： https://www.berkshirehathaway.com/letters/1994.html
定位：1994 Chairman's Letter, excerpt 4 · 核对日期：2026-10-19 · 核验：短摘录

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