Search+Intelligent InvestingSynopsisHe is not being clever. He does the arithmetic and shows you exactly how much a falling price would be worth to him. Then he turns on the assets everybody calls safe, and explains why the one people run to in a panic is the one that has quietly destroyed more wealth than any crash.Warren Buffett bought a very large stake in IBM and then told his shareholders what he was hoping for. He hoped the share price would go nowhere for the next five years. That is not a slip of the pen. He says it twice, works out the arithmetic, and puts a figure on how much money the disappointing outcome would make him.Most of us have the opposite reflex. The stock goes up, we feel clever. It goes down, we feel sick. Buffett thinks that reflex ETMarkets.com 30 mins readSep 10, 2026, 10:48:00 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