10.17.2008

You might think it would have been impossible for an investor to lose
money during a century marked by such an extraordinary gain. But some
investors did. The hapless ones bought stocks only when they felt
comfort in doing so and then proceeded to sell when the headlines made
them queasy.

http://www.nytimes.com/2008/10/17/opinion/17buffett.html?partner=permalink&exprod=permalink