Warren Buffett Quote: As Usual He Is Right
October 2, 2008 by Jean Murray
As Warren Buffett does his second bailout in as many weeks (this time of General Electric), I’m reminded of a Buffett quote I brought you last year.
How about this for eerily predictive?
I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.
If we are heading toward a second depression, maybe being greedy isn’t such a bad thing. What do you think?
Image source: Newscom.com
If really the American economy is heading for a second depression then it will be a bad news for the global economy too. There is hardly any good news about the global economy. Well, stock markets in Asia and Europe are suffering a lot these days too. May be, we need more wisdom coming out from people like Warren Buffet.
Thanks for the comment Razib. Recessions and depressions are “Self-fulfilling prophecies.” When people are fearful they spend less, do things differently. I hope we don’t get into that fearful mindset, because that will get us to a depression faster.