Subject: Re: Rational Walk on retained earnings test
if you can just quote Rule #1 every time the market is in turmoil, then the aphorism doesn't mean much. Or at least the "be greedy when others are fearful" half of it.

But that's the less important part, especially for the Berkshire of today. There's a reason why rule #1 is number 1 - - - especially when you are responsible for many people who entrust you their money. And in the case of the Berkshire Hathaway of today it's not as if they give you a small portion of their assets to speculate with it, in the hope of doubling it within 5 years. As we know investors (partners!) of the Berkshire Hathaway of today often entrust you the majority of their life's savings, and that clearly shifts the balance of importance of those two halfs of said aphorism.