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As the world grapples with the coronavirus outbreak, legendary investor Warren Buffett warns that fear is still an investor’s biggest obstacle.

“Fear is the most contagious disease you can imagine,” the chairman and CEO of Berkshire Hathaway (BRK-A, BRK-B) said during Berkshire Hathaway’s annual shareholder meeting. “It makes the virus look like a piker.” (A piker is “one who gambles or speculates with small amounts of money.”)

While commending the Federal Reserve for acting quickly in response to the pandemic, Buffett said that he was confident about the future of the American economy in terms of stocks.

“It all depends on your circumstances, but you shouldn’t buy stocks unless you expect… to hold them for a very extended period of time and are prepared financially and psychologically to hold them,” Buffett explained. “The same way you would hold a farm and never look at a quote and never pay.”

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