University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting

by Daniel Pecaut

Buffett: “If I live X number of years, I’ll go through X number of recessions. But if I spent all my time guessing cycles, Berkshire Hathaway would be $15/share. You can’t dance in and out of businesses based on forecasts.”(20)