Real estate investments Warren Buffett made in a Nebraska farm in 1986 and a New York City retail space in 1993 taught him some general truths about investing, he revealed in his annual note to shareholders.

Those investments convinced Buffett — whose flagship firm rolled out the Berkshire Hathaway HomeServices brand last year — that taking a long view in real estate investing pays dividends and that downturns can provide lucrative opportunities. “A climate of fear is your friend when investing; a euphoric world is your enemy,” Buffett wrote.

Source: CNN Money

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