From Warren Buffett’s 50th annual shareholder letter for Berkshire Hathaway:

Investors, of course, can, by their own behavior, make stock ownership highly risky. And many do. Active trading, attempts to “time” market movements, inadequate diversification, the payment of high and unnecessary fees to managers and advisors, and the use of borrowed money can destroy the decent returns that a life-long owner of equities would otherwise enjoy. Indeed, borrowed money has no place in the investor’s tool kit.

Anything can happen anytime in markets. And no advisor, economist, or TV commentator—and definitely not Charlie nor I—can tell you when chaos will occur. Market forecasters will fill your ear but will never fill your wallet.

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