From Zacks:
Way back in Oct 2008, Warren Buffett wrote a celebrated op-ed piece in the New York Times. Here’s a sample of his sage wisdom from it —
“A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful.”
The entire point of Buffett’s piece is that you don’t always get wealthy buying into a high market or selling into a falling one. However, you can definitely get rich by buying into market corrections and beaten-down markets. This highlights how great investors respond when the stock market is shaky.
Yesterday, stocks tumbled worldwide and major U.S. indexes witnessed the worst day in the past 18 months. Investors are worried about China’s sluggish growth as well as the confused outlook for U.S. interest rates.