A crystal ball would be the ultimate tool for any investor, but given that we’re not living in a fantasy world, how do top investors prepare for an uncertain future? With the inevitability of market downturns, finding a balance between generating returns and being ready to strike when the iron is hot can be a tricky position to navigate.  Discovering that equilibrium, along with the patience to hold on through the ups and downs once you’ve bought into a great company, can be what makes or breaks a portfolio in the long run. On this week’s episode, the deep analysis of the 2023 Berkshire Hathaway shareholder letter continues as Phil and Danielle wring every ounce of wisdom from Buffett’s annual communiqué.. For help with future-proofing your portfolio, click here for a free copy of The Ultimate Stock Market Crash Survival Guide:  https://bit.ly/3xNXFlf Topics Discussed: Munger’s influence on Buffett’s philosophy Investing in the information age Mutual funds vs ETFs Modern market volatility Forgoing returns to prepare for downturns Resources Discussed: Berkshire Hathaway shareholder letter Wilshire GDP ratio Learn more about your ad choices. Visit megaphone.fm/adchoices