Chairman of Berkshire Hathaway from 1965 to 2025; author of its shareholder letters
Their own site or channelAsk what period a model was fitted to, and whether that period contained the event you are worried about.
Any risk model, stress test or structured product that reports a probability of loss.
From Berkshire Hathaway's 2008 letter to shareholders · Warren Buffett
The price of risk tracks the mood, so the useful time to buy is when the mood is worst, and the dangerous time is when it is best.
Any question about market timing, contrarian investing or what to do in a crisis.
From Berkshire Hathaway's 2008 letter to shareholders · Warren Buffett
Measure risk as the chance of ending the holding period with less buying power, which makes volatile productive assets safer than stable unproductive ones.
Any debate about what risk means, portfolio construction over long horizons, and questions about gold or cash as safe assets.
From Berkshire Hathaway's 2011 letter to shareholders · Warren Buffett
Investors as a group earn what businesses earn minus what they pay to helpers; every layer of advice is a claim on that pool.
Asset management economics, the active-passive debate, and any fee discussion.
From Berkshire Hathaway's 2005 letter to shareholders · Warren Buffett
A buyback creates value only with funds to spare and a price well below intrinsic value; above that price the same action destroys it.
Any capital allocation question, any company announcing a buyback, and private equity interviews on value creation.
From Berkshire Hathaway's 2011 letter to shareholders · Warren Buffett