TLDR

• Goldman Sachs raised U.S. recession odds to 30%; Moody’s puts it at 49% within 12 months
• Buffett’s core rule: “Be fearful when others are greedy, and be greedy when others are fearful”
• During the 2008 crisis, Buffett invested $5 billion in Goldman Sachs, netting over $3 billion in profit
• Berkshire Hathaway has delivered a 19.9% compounded annual return since 1965, nearly double the S&P 500
• Buffett keeps large cash reserves as “financial ammunition” to buy during market panics

Warren Buffett has lived through dozens of market…