Search+Intelligent InvestingSynopsisBerkshire Hathaway lost $11.5 billion. Buffett spent $14.5 billion. And then, he told his shareholders about the two worst decisions he had made along the way. Now, most of us have met a version of this moment. The market is falling. The people who warned you look like prophets. Every instinct says wait until it is over. What Buffett did instead is the whole subject of this letter, and it contradicts nearly everything panic tells you to do.Warren Buffett had the one thing every investor wishes for. He had the forecast. He told his shareholders he was certain the economy was heading into the worst stretch in living memory. He turned out to be right. And then he said the thing that should stop every investor cold. That certainty, he wrote, told him nothing at all about whether the market would rise or fall.So he went on a shopping spree, worth all of $14.5 billion. But before we get ETMarkets.com 25 mins readAug 13, 2026, 08:23:00 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