--- title: "Meaning & Key Takeaway of: We have usually made our best purchases…" description: "\"We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the..." image: "https://sms4smile.com/quotes/i/67f/warren-buffett-183_apprehension_we-have-usually-made-our-best-purchases_1161035.jpg" --- # We have usually made our best purchases when apprehensions… ![“We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.” quote by Warren Buffett](https://sms4smile.com/quotes/i/67f/warren-buffett-183_apprehension_we-have-usually-made-our-best-purchases_1161035.jpg) [Download](https://sms4smile.com/quotes/i/67f/warren-buffett-183_apprehension_we-have-usually-made-our-best-purchases_1161035.jpg) [Open image](https://sms4smile.com/quotes/i/67f/warren-buffett-183_apprehension_we-have-usually-made-our-best-purchases_1161035.jpg) > “We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.” [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Investors tend to buy best when panic peaks; fear hurts trend‑followers, but helps value seekers. **In simple terms:** Fear drives buying at lows. Key Takeaway Use fear as a buying signal. Themes investment psychology fear Mood cautious analytical Type financial strategic When to use this quote - stock market crashes - economic downturns - asset bubbles Key Concepts value investing behavioral finance Questions to Reflect On - How do you differentiate fear from rational caution? - What indicators confirm a genuine buying opportunity? A Different Perspective Timing markets is notoriously difficult. ★ ★ ★ ★ ★ No ratings yet [Apprehension](https://sms4smile.com/quotes/about/apprehension/) [Events](https://sms4smile.com/quotes/about/events/) [Fear](https://sms4smile.com/quotes/about/fear/) [Foe](https://sms4smile.com/quotes/about/foe/) [Fundamentalist](https://sms4smile.com/quotes/about/fundamentalist/) ## Related quotes > [Fear is the foe of the faddist, but the friend of the fundamentalist.](https://sms4smile.com/quotes/warren-buffett/fear-is-the-foe-of-the-faddist-but-the-friend-of-the-fundamentalist/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [But, surprise - none of these blockbuster events made the slightest dent in Ben Graham's investment principles. Nor did they render unsound the negotiated…](https://sms4smile.com/quotes/warren-buffett/but-surprise-none-of-these-blockbuster-events-made-the-slightest-dent/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Fund consultants like to require style boxes such as "long-short," "macro," "international equities." At Berkshire our only style box is "smart."](https://sms4smile.com/quotes/warren-buffett/fund-consultants-like-to-require-style-boxes-such-as-long-short-macro/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [“What was to fear from a foe that could be defeated by a few potholes and the heat of the sun?”](https://sms4smile.com/quotes/esther-spurrill-jones/what-was-to-fear-from-a-foe-that-could-be-defeated-by-a-few-potholes/) Esther Spurrill Jones > [To fear the foe, since fear oppresseth strength, gives in your weakness strength unto your foe.](https://sms4smile.com/quotes/william-shakespeare/to-fear-the-foe-since-fear-oppresseth-strength-gives-in-your-weakness/) [William Shakespeare](https://sms4smile.com/quotes/author/william-shakespeare/) > [I fear no foe with Thee at hand to bless; Ills have no weights, and tearsno bitterness;](https://sms4smile.com/quotes/henry-francis-lyte/i-fear-no-foe-with-thee-at-hand-to-bless-ills-have-no-weights-and/) [Henry Francis Lyte](https://sms4smile.com/quotes/author/henry-francis-lyte/) > [To fear the foe, since fear oppresseth strength, Gives, in your weakness, strength unto your foe, And so your follies fight against yourself. Fear,…](https://sms4smile.com/quotes/william-shakespeare/to-fear-the-foe-since-fear-oppresseth-strength-gives-in-your-weakness-2/) [William Shakespeare](https://sms4smile.com/quotes/author/william-shakespeare/) > [When you fear a foe, fear crushes your strength; and this weakness gives strength to your opponents.](https://sms4smile.com/quotes/william-shakespeare/when-you-fear-a-foe-fear-crushes-your-strength-and-this-weakness/) [William Shakespeare](https://sms4smile.com/quotes/author/william-shakespeare/) > [“Fear is the enemy, fear is the foe, if you run before it down you’ll go. But if you stand and look it in…](https://sms4smile.com/quotes/catherine-cookson/fear-is-the-enemy-fear-is-the-foe-if-you-run-before-it-down-you-ll-go/) [Catherine Cookson](https://sms4smile.com/quotes/author/catherine-cookson/) > [The world has conducted a massive macro-economic experiment since the cataclysm of 2008. In Europe, the fans of austerity have had their chance, and…](https://sms4smile.com/quotes/eliot-spitzer/the-world-has-conducted-a-massive-macro-economic-experiment-since-the/) [Eliot Spitzer](https://sms4smile.com/quotes/author/eliot-spitzer/) > [...by regularly reading business newspaper and magazines I am exposed to an enormous amount of material at the micro level.. I find that what…](https://sms4smile.com/quotes/charlie-munger/by-regularly-reading-business-newspaper-and-magazines-i-am-exposed-to/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [Many developing countries are enjoying demographic changes. They have a younger demographic composition so they're not burdened by legacy policy. Now, if you combine…](https://sms4smile.com/quotes/sri-mulyani-indrawati/many-developing-countries-are-enjoying-demographic-changes-they-have/) [Sri Mulyani Indrawati](https://sms4smile.com/quotes/author/sri-mulyani-indrawati/) > [What you'll gain is the macro story. You'll get a good command of that. And what you might lose is some of the fun…](https://sms4smile.com/quotes/mitchell-hurwitz/what-you-ll-gain-is-the-macro-story-you-ll-get-a-good-command-of-that/) [Mitchell Hurwitz](https://sms4smile.com/quotes/author/mitchell-hurwitz/) > [Everyone is against micro managing but macro managing means you're working at the big picture but don't know the details.](https://sms4smile.com/quotes/henry-mintzberg/everyone-is-against-micro-managing-but-macro-managing-means-you-re/) [Henry Mintzberg](https://sms4smile.com/quotes/author/henry-mintzberg/) > [My off-the-cuff remarks at the University of Virginia were with regard to global macro traders, who are on-call 24/7 and of whom there are…](https://sms4smile.com/quotes/paul-tudor-jones/my-off-the-cuff-remarks-at-the-university-of-virginia-were-with/) [Paul Tudor Jones](https://sms4smile.com/quotes/author/paul-tudor-jones/) ## More by Warren Buffett > [To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual…](https://sms4smile.com/quotes/warren-buffett/to-invest-successfully-over-a-lifetime-does-not-require-a/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [“Be fearful when others are greedy, and be greedy when others are fearful.”](https://sms4smile.com/quotes/warren-buffett/be-fearful-when-others-are-greedy-and-be-greedy-when-others-are/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Making money isn't the backbone of our guiding purpose; it is the by-product of our guiding purpose.](https://sms4smile.com/quotes/warren-buffett/making-money-isn-t-the-backbone-of-our-guiding-purpose-it-is-the-by/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [We set no volume goals in our insurance business generally-and certainly not in reinsurance-as virtually any volume can be achieved if profitability standards are…](https://sms4smile.com/quotes/warren-buffett/we-set-no-volume-goals-in-our-insurance-business-generally-and/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Everybody's got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the…](https://sms4smile.com/quotes/warren-buffett/everybody-s-got-a-different-circle-of-competence-the-important-thing/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [It is better to point out your own mistakes than have somebody else do it.](https://sms4smile.com/quotes/warren-buffett/it-is-better-to-point-out-your-own-mistakes-than-have-somebody-else/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [I've read about all the sales today. If you're an auto dealer, you're feeling it. If you're a furniture retailer like we are, you're…](https://sms4smile.com/quotes/warren-buffett/i-ve-read-about-all-the-sales-today-if-you-re-an-auto-dealer-you-re/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [I was lucky enough to be born in a time and place where society values my talent, and gave me a good education to…](https://sms4smile.com/quotes/warren-buffett/i-was-lucky-enough-to-be-born-in-a-time-and-place-where-society/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to…](https://sms4smile.com/quotes/warren-buffett/the-most-common-cause-of-low-prices-is-pessimism-some-times-pervasive/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [The reaction of weak management to weak operations is often weak accounting.](https://sms4smile.com/quotes/warren-buffett/the-reaction-of-weak-management-to-weak-operations-is-often-weak/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.](https://sms4smile.com/quotes/warren-buffett/what-you-really-want-to-do-in-investments-is-figure-out-what-s/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [I don't measure my life by the money I've made. Other people might, but certainly don't.](https://sms4smile.com/quotes/warren-buffett/i-don-t-measure-my-life-by-the-money-i-ve-made-other-people-might-but/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [I mean the truth is, I've never had it so good in terms of taxes. I am paying the lowest tax rate that I've…](https://sms4smile.com/quotes/warren-buffett/i-mean-the-truth-is-i-ve-never-had-it-so-good-in-terms-of-taxes-i-am/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the…](https://sms4smile.com/quotes/warren-buffett/the-most-important-quality-for-an-investor-is-temperament-not/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Investors, of course, can, by their own behavior make stock ownership highly risky. And many do. Active trading, attempts to "time" market movements, inadequate…](https://sms4smile.com/quotes/warren-buffett/investors-of-course-can-by-their-own-behavior-make-stock-ownership/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) [Explore all 984 Warren Buffett quotes ](https://sms4smile.com/quotes/author/warren-buffett/) ## More Apprehension quotes > [Marriages are always moving from one season to another. Sometimes we find ourselves in winter--discouraged, detached, and dissatisfied; other times we experience springtime, with…](https://sms4smile.com/quotes/gary-chapman/marriages-are-always-moving-from-one-season-to-another-sometimes-we/) [Gary Chapman](https://sms4smile.com/quotes/author/gary-chapman/) > [Perhapsthemost sublimeinsights oftheJewishprophets and the Christian gospel is the knowledge that since perfection is love, the apprehension of perfection is at once the means…](https://sms4smile.com/quotes/reinhold-niebuhr/perhapsthemost-sublimeinsights-ofthejewishprophets-and-the-christian/) [Reinhold Niebuhr](https://sms4smile.com/quotes/author/reinhold-niebuhr/) > [At length weariness succeeds to labor, and the mind lies at ease in the contemplation of her own attainments without any desire of new…](https://sms4smile.com/quotes/samuel-johnson/at-length-weariness-succeeds-to-labor-and-the-mind-lies-at-ease-in/) [Samuel Johnson](https://sms4smile.com/quotes/author/samuel-johnson/) > [The apprehension whether people will like it or not also doesn't bother me much. I've always done my work with a gut feeling that…](https://sms4smile.com/quotes/kiku-sharda/the-apprehension-whether-people-will-like-it-or-not-also-doesn-t/) [Kiku Sharda](https://sms4smile.com/quotes/author/kiku-sharda/) > [LIFE, n. A spiritual pickle preserving the body from decay. We live in daily apprehension of its loss; yet when lost it is not…](https://sms4smile.com/quotes/ambrose-bierce/life-n-a-spiritual-pickle-preserving-the-body-from-decay-we-live-in/) [Ambrose Bierce](https://sms4smile.com/quotes/author/ambrose-bierce/) > [“Man may feel like a feeble and powerless pawn, at some moment in his life. This apprehension can come out of the blue, in…](https://sms4smile.com/quotes/erik-pevernagie/man-may-feel-like-a-feeble-and-powerless-pawn-at-some-moment-in-his/) [Erik Pevernagie](https://sms4smile.com/quotes/author/erik-pevernagie/) > [We stand for organized terror - this should be frankly admitted. Terror is an absolute necessity during times of revolution. Our aim is to…](https://sms4smile.com/quotes/felix-dzerzhinsky/we-stand-for-organized-terror-this-should-be-frankly-admitted-terror/) Felix Dzerzhinsky > [The regulation of commerce, it is true, is a new power; but that seems to be an addition which few oppose and from which…](https://sms4smile.com/quotes/james-madison/the-regulation-of-commerce-it-is-true-is-a-new-power-but-that-seems/) [James Madison](https://sms4smile.com/quotes/author/james-madison/) > [As a father and grandfather, I have witnessed firsthand the joy of new life entering the world. I know the pain and apprehension that…](https://sms4smile.com/quotes/solomon-ortiz/as-a-father-and-grandfather-i-have-witnessed-firsthand-the-joy-of-new/) [Solomon Ortiz](https://sms4smile.com/quotes/author/solomon-ortiz/) > [Lord, enlighten thou our enemies. Sharpen their wits, give acuteness to their perceptions, and consecutiveness and clearness to their reasoning powers: we are in…](https://sms4smile.com/quotes/john-stuart-mill/lord-enlighten-thou-our-enemies-sharpen-their-wits-give-acuteness-to/) [John Stuart Mill](https://sms4smile.com/quotes/author/john-stuart-mill/) > [The sense of death is most in apprehension.](https://sms4smile.com/quotes/william-shakespeare/the-sense-of-death-is-most-in-apprehension/) [William Shakespeare](https://sms4smile.com/quotes/author/william-shakespeare/) > [Since philosophy is the exploration of the rational, it is for that very reason the apprehension of the present and the actual, not the…](https://sms4smile.com/quotes/georg-wilhelm-friedrich-hegel/since-philosophy-is-the-exploration-of-the-rational-it-is-for-that/) [Georg Wilhelm Friedrich Hegel](https://sms4smile.com/quotes/author/georg-wilhelm-friedrich-hegel/) > [Injustice is not evil in itself, but only in the fear and apprehension that one will not escape those who have been set up…](https://sms4smile.com/quotes/epicurus/injustice-is-not-evil-in-itself-but-only-in-the-fear-and-apprehension/) [Epicurus](https://sms4smile.com/quotes/author/epicurus/) > [The fact about himself that the liar hides is that he is attempting to lead us away from a correct apprehension of reality; we…](https://sms4smile.com/quotes/harry-frankfurt/the-fact-about-himself-that-the-liar-hides-is-that-he-is-attempting/) [Harry Frankfurt](https://sms4smile.com/quotes/author/harry-frankfurt/) > [“A person can hurry through or sleep walk through life, but whenever they stop to catch their breath or awaken from a long nap,…](https://sms4smile.com/quotes/kilroy-j-oldster/a-person-can-hurry-through-or-sleep-walk-through-life-but-whenever/) [Kilroy J. Oldster](https://sms4smile.com/quotes/author/kilroy-j-oldster/) [Browse all 258 Apprehension quotes ](https://sms4smile.com/quotes/about/apprehension/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.", "creator": { "@type": "Person", "name": "Warren Buffett" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/warren-buffett/we-have-usually-made-our-best-purchases-when-apprehensions-about-some/", "about": { "@type": "Thing", "name": "Apprehension" }, "@id": "https://sms4smile.com/quotes/warren-buffett/we-have-usually-made-our-best-purchases-when-apprehensions-about-some/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/67f/warren-buffett-183_apprehension_we-have-usually-made-our-best-purchases_1161035.jpg", "contentUrl": "https://sms4smile.com/quotes/i/67f/warren-buffett-183_apprehension_we-have-usually-made-our-best-purchases_1161035.jpg", "url": "https://sms4smile.com/quotes/i/67f/warren-buffett-183_apprehension_we-have-usually-made-our-best-purchases_1161035.jpg", "width": 1080, "height": 1080, "caption": "“We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is…” — Warren Buffett", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Warren Buffett", "item": "https://sms4smile.com/quotes/author/warren-buffett/" }, { "@type": "ListItem", "position": 4, "name": "We have usually made our best...", "item": "https://sms4smile.com/quotes/warren-buffett/we-have-usually-made-our-best-purchases-when-apprehensions-about-some/" } ], "@id": "https://sms4smile.com/quotes/warren-buffett/we-have-usually-made-our-best-purchases-when-apprehensions-about-some/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```