Search+Intelligent InvestingSynopsisWarren Buffett said you only find out who is swimming naked only when the tide goes out. The year he wrote this in his annual letter to shareholders, the tide went all the way out: A burst bubble, a terrorist attack, a wave of corporate scandals. And his letter became a masterclass in the difference between knowing a risk and actually doing something about it.Right now, somewhere in your portfolio or watchlist, is a company everyone agrees is the future. It is expensive. But the price is being justified by the story about how big an opportunity it is. You half-suspect the story is too good to be true. But you hold on anyway (or plan to buy), because everyone else is doing so. And because, so far, it has paid off for those holding on.That is exactly the position millions of investors were in at the ETMarkets.com 18 mins readJun 25, 2026, 08:51:00 PM ISTGift this Story to your friendsFONT SIZEAbcSmallAbcMediumAbcLargeSAVEPRINTCOMMENTContinue reading with one of these options:Limited AccessFreeLogin to get access to some exclusive stories & personalised newslettersLogin NowUnlimited AccessStarting @ Rs120/monthGet access to exclusive stories, expert opinions & in-depth stock reportsSubscribe NowETUh-oh! This is an exclusive story available for selected readers only.Worry not. You’re just a step away.What’s Included withETPrime Membership
AI bubble won't tell you who's naked till the tide goes out. Warren Buffett explained why 25 years ago
Warren Buffett said you only find out who is swimming naked only when the tide goes out. The year he wrote this in his annual letter to shareholders, the tide went all the way out: A burst bubble, a terrorist attack, a wave of corporate scandals. And his letter became a masterclass in the difference between knowing a risk and actually doing something about it.
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