Synopsis
The most expensive risks, Warren Buffett understood, are the ones that appear on no balance sheet and in no forecast. Until, that is, the day they surface and take everything with them. In a letter to shareholders he explained how that hidden danger works, why it keeps recurring, and how a careful investor learns to see it first.
Ask Warren Buffett what frightened him, and the answer was rarely a falling market. Prices go down; that is what prices do, and for a patient investor a cheaper stock is often a gift. What worried him was something far more dangerous: Risk that no one can see. The kind that sits unpriced inside a balance sheet, invisible and accumulating, until the day it surfaces and takes the careless with it.The letter to shareholders in 2002 had the best
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