Warren Buffett did little during the market meltdown because he wasn't sure how the coronavirus pandemic would develop, Wall Street influencer Shane Parrish told Business Insider.
"When you don't understand with a certain degree of certainty, you sit out until you do," the Farnam Street blogger and host of "The Knowledge Project" said. Buffett was expected to buy stocks, strike bailout deals, and make a big acquisition when markets tanked, but instead he added to Berkshire's huge cash pile and sold his airline holdings.
"You have to be willing to look like an idiot in the short term to get the best long-term results," Parrish said.Warren Buffett took cover during the coronavirus crash because he didn't know how the pandemic would play out,"I'd suggest that because the future has become increasingly uncertain, he's preparing for the widest range of possible futures," Farnam Street blogger and "The Knowledge Project" host Shane Parrish said.
The former Canadian intelligence official often draws on Buffett's biography, philosophy, and personal habits. For example, his past blog posts advise readers to
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Hey, Buffet I want that pot of money of mine that you are holding. Turn it over, Now!
He is a genius and knows how to work with money.
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