The most expensive risks, Warren Buffett understood, are the ones that appear on no balance sheet and in no forecast. Until, that is, the day they surface and take everything with them. In a letter to shareholders he explained how that hidden danger works, why it keeps recurring, and how a careful investor learns to see it first.

The most expensive risks, Warren Buffett understood, are the ones that appear on no balance sheet and in no forecast. Until, that is, the day they surface and take everything with…

Warren Buffett warns against high-risk investments in a volatile market, advocating for long-term strategies and high-quality stocks to ensure future success. | World News