In his annual letter to Berkshire shareholders, Mr Buffett recounted how frozen credit markets dovetailed with tumbling home and stock prices to imperil many banks and produce “a paralysing fear that engulfed the country”.
“By year end,” he wrote, “investors of all stripes were bloodied and confused, much as if they were small birds that had strayed into a badminton game.”
The billionaire also urged his legions of followers to remember that the stock market usually rises – the S&P 500 index has produced annual increases in 75 per cent of the past 44 years – and may do so again even if the downturn persists.
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