Warren Buffett offered advice to investors through a 19th-century poem amid a market slide.
Buffett, known for his steady approach to investing, has long warned that market declines are unpredictable.
"It is impossible to predict how far share prices will fall in the short term," he wrote in his 2017 letter to shareholders. But instead of panicking, investors are advised to heed Kipling's words.
The poem said "If you can keep your head when all about you are losing theirs... If you can wait and not be tired by waiting … If you can trust yourself when all men doubt you … Yours is the Earth and everything that's in it."
Market corrections of 10% or more are common. Since 1980, the S&P 500 has experienced 21 such declines, with an average annual decline of 14%, according to Baird Private Wealth Management. However, history suggests that long-term investors are rewarded for their patience.
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