Series VI · Card 8 of 21 · THE COUNTING HOUSE
It’s only when the tide goes out that you learn who’s been swimming naked.
WARREN BUFFETT · BERKSHIRE SHAREHOLDER LETTER · 1992
Turn it over, answer, sign – free, no account.
Source
Berkshire Hathaway shareholder letter, 1992 (repeated 2001, 2004, 2007)
About the author
American investor (b. 1930). Ran Berkshire Hathaway from 1965 until the end of 2025. Known as the “Oracle of Omaha”, one of history’s most successful investors. Famous Bitcoin skeptic who called it “rat poison squared”.
About the source
Berkshire shareholder letter: Warren Buffett’s annual letter to the owners of Berkshire Hathaway.
The question on the back
Would you be dressed when the tide goes out?