‘Be fearful when others are greedy’: Warren Buffett’s sharpest lessons in investing

As the billionaire retires, he leaves memorable advice from his annual letters that include pithy takes on bubbles, discipline and long-term goalsWarren Buffett, the billionaire investor who is retiring at the end of 2025, has entertained and educated shareholders in his Berkshire Hathaway conglomerate for many years with his pithy annual letters outlining the firm’s performance.Every year since 1965 he has updated his investors on the journey as Berkshire morphed from a “struggling northern textile business” with $25m of shareholder equity when he took over, to an empire worth more than $1tn.Though the price I paid for Berkshire looked cheap, its business – a large northern textile operation – was headed for extinction.My error caused Berkshire shareholders to give far more than they rece