BUFFETT WISDOM THAT YOU MAY NOT HAVE HEARD BEFORE

• "Only way to stop a panic in today's times is to have someone say with absolute authority, "I will do whatever it takes to make this right."
• "The next panic will most likely come from a cyber/nuclear/biological or chemical attack on the US. The ability of psychotics, religious fanatics etc. to impact people has tremendously increased since 1945 (atomic bombing of Hiroshima and Nagasaki)"
• "The US will always bounce back. Our system really works, if you have cash during a time of panic, BUY"
• The auto industry has been the one of the most important industries during Buffett's investing career. He has extensive knowledge of auto. Despite that he doesn't feel comfortable buying auto stocks. Instead he chose to buy an auto dealer with 78,000 dealerships across the US. Simply because five years from now, he doesn't know which model will sell but he does know that the auto dealer will sell it. This is the same story in tech, Buffett does not know who the leader will be.
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