A successful stockpicker has the same relationship with a drop in the market as a Minnesotan has with freezing weather. You know it’s coming, and you’re ready to ride it out, and when your favorite stocks go down with the rest, you jump at the chance to buy more.

A price decline is of no real importance to the bona fide investor unless it is either very substantial—say, more than a third from cost—or unless it reflects a known deterioration of consequence in the company's position. In a well-defined bear market many sound common stocks sell temporarily at extraordinary low prices. It is possible that the investor may then have a paper loss of fully 50 per cent on some of his holdings, without any convincing indication that the underlying values have been permanently affected.

When there's a sale on eggs or chicken, we're happy- but when the stock market gets cheaper, we think it's bad. (Long-term investors should love when the market drops: You can buy more shares for the same price.)p97

At times I felt as if I were the last survivor of an Ice Age, striving to hold on with the flimsy tools bequeathed by an easy-going, temperate world. Cold does queer things. At 500 below zero a flashlight dies out in your hand. At - 550 kerosene will freeze, and the flame will dry up on the
wick. At - 60° rubber turns brittle. One day, I remember, the antenna wire snapped in my hands when I tried to bend it to make a new connection. Below - 60° cold will find the last microscopic touch of oil in an instrument and stop it dead. If there is the slightest breeze, you can hear your breath freeze as it floats away, making a sound like that of Chinese firecrackers. As does the morning dew, rime coats every exposed object. And if you work too hard and breathe too deeply, your lungs will sometimes feel as if they were on fire.

People who succeed in the stock market also accept periodic losses, setbacks, and unexpected occurrences. Calamitous drops do not scare them out of the game.

But now for the final exam: If you expect to be a net saver during the next five years, should you hope for a higher or lower stock market during that period? Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall. In effect, they rejoice because prices have risen for the "hamburgers" they will soon be buying. This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.

The US stock market, the Dow Jones Index, is at an all-time high. Historically, the major collapses of the US stock market (or any stock market, for that matter) occur when it is at its highest-ever point. The stock markets of the US and Britain are poised, now, for a major collapse, which will become world-wide, and will bring to an end this divisive economic system based on market forces and their corollary, commercialization. p. 6

Once stock prices reach the point at which it is hard to value them by logical methodology, stocks will be bought as they were in the late 1920s not for investment but to be unloaded at a still higher price. The ensuing break could be disastrous because panic psychology cannot be summarily altered or reversed by easing money policies.

To the man who held stock on margin, disaster had only one face and that was falling prices. But now prices were to be allowed to fall. The speculator's only comfort, henceforth, was that his ruin would be accomplished in an orderly and becoming manner.

And it is like -50 degrees in that Dakotas right now. What would happen if Russia killed the power in Fargo today? Alright. What would happen if all the natural gas lines that service Sioux Falls just poofed on the coldest in recent memory and it wasn't in our power whether or not to turn them back on? What would you do if you lost heat indefinitely as the act of a foreign power on the same that the temperature matched the temperature in Antarctica? What would you and your family do?

Markets go up. Markets go down. We always make money.... Get used to it

The rub here is that buying when prices are low is always a very scary proposition. The low prices that produce high future returns are not possible without catastrophe and risk.

Markets go up, markets go down.

There’s no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and the U.S. economy would become less of a magnet for foreign investors. Economic growth, which in any case has recently been at unsustainable levels, would decline somewhat. History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.