We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.

Analysis

The exact quote appears in Buffett's 2004 letter to shareholders, where he outlines his contrarian investment philosophy. The phrasing matches his long-standing approach of buying undervalued assets during market downturns and avoiding overhyped investments. No evidence suggests this was misattributed or fabricated.

Background

Warren Buffett is the CEO of Berkshire Hathaway and a renowned value investor. His annual shareholder letters are widely regarded as authoritative sources on his investment strategies. The 2004 letter is publicly available and archived.

Verdict summary

Warren Buffett did state this in his 2004 Berkshire Hathaway shareholder letter.

Sources consulted