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Tara Lachapelle

Warren Buffett Won’t Take the Reddit Bait

No mention of Bitcoin, Robinhood or WallStreetBets in his latest annual letter but plenty of homespun value-investing wisdom. What did you expect?

It’s always worth hearing from Warren Buffett.

It’s always worth hearing from Warren Buffett.

Photographer: Chris Goodney/Bloomberg

“All that’s required is the passage of time, an inner calm,” began a sentence in Warren Buffett’s annual letter to his followers Saturday. He was talking about the essentials of investing in a farm or business, but it felt like a metaphor for the collectively lonely and despairing moment that the world found itself in during the past year. With his own 90-year perspective, Buffett reminded his readers that a moment is all this is. 

The bar was high for Buffett this time, given all that’s happened since last year’s letter: a public-health crisis; lockdowns; social unrest; worsening wealth inequality; a new U.S. president; extreme political divisiveness that led to insurrectionists storming the Capitol; climate disasters such as the tragic freezing conditions and blackouts in Texas last week; the resurgence of Bitcoin; and the recent market tumult brought on in part by a boiling over of frustrations with the state of the world.