Rate Of Return
CommemorativeWarren Buffett (1987 Black Monday)
- Background: The Dow Jones Industrial Average plummeted 22.6% in a single day.
- Operation: Sold most stocks before the crash, kept ample cash, and held only 3 high-margin-of-safety positions.
- Result: Avoided the crash with principal intact; bottom-fished Coca-Cola in 1988, achieving a 10x return in 10 years.
- Famous quote: "Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1."
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