Be fearful when others are greedy, and greedy when others are fearful.

Analysis

The exact phrase appears in Buffett's 1986 letter to shareholders, where he discusses investment philosophy. It reflects his contrarian approach to markets, advocating for caution during speculative bubbles and boldness during downturns. The quote is widely cited and verified in archived letters.

Background

Warren Buffett's annual shareholder letters are public records, and the 1986 letter is available on Berkshire Hathaway's official website. The quote encapsulates his long-term value investing strategy, which prioritizes fundamentals over market sentiment.

Verdict summary

Warren Buffett did write this in his 1986 Berkshire Hathaway shareholder letter.

Sources consulted