The Only Thing We Have to Fear Is Fear Itself
Randy Jones | March 2, 2009
FDR’s famous words were echoed this weekend as Warren Buffett released his latest shareholder’s letter, indicating that Berkshire Hathaway had lost $11.5 billion in net worth in 2008, the worst performance in the 44 years he has been managing the company. As usual, Buffett makes a very good point when he says, “The U.S.—and much of the world—became trapped in a vicious negative-feedback cycle. Fear led to business contraction, and that in turn led to even greater fear.”
