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The Buffett truism of “being greedy when others are fearful” can be heard in a way that the fear is irrational and easily set aside. In reality, it’s quite the opposite: fearful times that move markets often have a very rational basis and the fear is both palpable and reasonable.
The fear is real and the probability of any number of downside scenarios playing out is legitimate. Outcries of recession, risk of global economic collapse, fears of Black Monday repeats from bright minds all would have a reasonable basis. Being greedy at that moment would be viewed by most as irresponsible, if not entirely reckless.
That’s a more realistic portrayal of “being greedy when others are fearful.” In short, much easier said than done. If it’s easier than described, then it’s probably not quite as fearful as described either.
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