“In bear markets, stocks return to their rightful owners.” J.P Morgan

“A down market lets you buy more shares in great companies at favourable prices. If you know what your doing, you’ll make most of your money from these periods. You just won’t realise it to much later.” Shelby Davis

“Christopher Davis’s grandfather used to say that you make the most money out of a bear market financial panic – you just don’t know it at the time. It’s always the case.” Li Lu

“The times when you make the most money is when things really look awful.   No one has a rational answer as to how we’ll get out of the problems.   If you know a company well and have a history of owning it or studied it carefully, you’ll see it at a price which is just a crazy price.  You couldn’t buy at that price before.”  Glenn Greenberg

“Real investors should never feel bearish because the time to buy value is when markets go down!” Thomas Kahn

“We see the latest correction not as a disaster, but as an opportunity to acquire more shares at low prices. This is how great fortunes are made over time.” Peter Lynch

"Bear markets are great times to load up on stocks." Ralph Wanger

“My dad used to say that every once in a while, the market has to shake out the grocery clerks. It was grocery clerks then, hedge funds now, but they act the same way and panic when the market’s down. But instead of selling when the market’s down, it’s time to buy things cheaply. And when the market is up, it’s time to think about selling. Human beings tend to go the other way. That’s why having great conviction in what Graham called a fair “central value” for each current and prospective investment is so important.” Bill Stewart

"Quickly forgotten during times of distress, yet no less important to remember, is that lower prices are an ally to long-term returns." Allan Mecham

“When markets are falling, the potential for future appreciation in stocks generally increases.” Francois Rochon

"It is when assets are difficult to justify buying (because of recent price declines and losses) that they can actually promise real value.  And vice versa.  Trend-following can work as a trading strategy, but at pricing extremes, trend-following can be very dangerous."  Paul Singer

"I am a bear market buyer; I like to sell into market strength." Peter Cundill

"Since day one, I emphasized how inevitable stock market corrections are. I even wrote many times that they were “partners” in our quest for superior returns. So, we should not fear them but acknowledge right from the start that we will live through many corrections over the years. We should even try to benefit from them as much as we can."  Francois Rochon

“You need to have bad markets to set the stage for the 40% annual increases. If we had good markets forever, I’d be dead.” Peter Cundill

"It’s not during up years that great investment track records are made!" Charles De Vaulx

"Down cycles are not fun. But they form the basis for enormous future profitability.” Steve Schwarzman

Difficult markets help us succeed as investors. While claiming no predicitive ability to recognize or time the next recession, we are not afraid of periods of slow business and weaker markets. Only in adverse environments do owner-orientated companies with proven track records and strong balance sheets sell at bargain prices. Tough times allow the prepared to attractively deploy capital, setting the stage for future growth.” Bruce Berkowitz

“In recent weeks, investors have relearned a basic truth about markets – prices go down as well as up. While emotionally taxing, down markets give us what we need to earn above average returns – low prices for excellent businesses.” Bruce Berkowitz

"Most investors take comfort from calm, steadily rising markets: roiling markets can drive investor panic.  But these conventional reactions are inverted.  When all feels calm and prices surge, the markets may feel safe; but, in fact, they are dangerous because few investors are focussing on risk.  When one feels in the pit of one's stomach the fear that accompanies plunging market prices, risk-taking becomes considerably less risky, because risk is often priced into an asset's lower valuation." Seth Klarman

“Stocks don’t read the paper or swoon in response to scary headlines. When they’re priced for desperation they can rally in the face of desperation.” The Davis Dynasty

"When the market is so bad that you think it is obvious that you should be net short, that's typically the time when it is all in the price and you should be buying." Martin Taylor

"Tumbling markets can be helpful to the true investor if he has cash available when prices get far out of line with values." Warren Buffett

“A stock market decline is as routine as a January blizzard in Colorado. If you’re prepared, it can’t hurt you. A decline is a great opportunity to pick up the bargains left behind by investors who are fleeing the storm in panic.” Peter Lynch

"For those properly prepared in advance, a bear market in stocks is not a calamity but an opportunity." Sir John Templeton

“Investors have no reason to feel bearish. True value investors are glad the markets are down.” Irving Kahn

“We have this saying: The worst things get, the better they get. When things are bad, they go up.” David Tepper

“The low point for share prices is when most people are expecting bad news, not after the bad news comes out.” Sir John Templeton

"I'm very bullish when the market drops perceptibly because I feel it has already discounted any troubles we are going to have."  Roy Neuberger

“Ironically, most of the risk to long-term investors in equities comes from panicking in the short-term and closing out positions at temporary low points.” Jeremy Grantham

“Invest in time of chaos, harvest in times of prosperity.” Jonathon Sokoloff

“The best bargains are always found in frightening environments.” Howard Marks

Declining stock prices can ultimately cause people to panic and sell. But the moment they join the panic and sell stock, they also relieve the cause of their fears and become potential buyers. The act of selling removes the anxiety, restores equanimity, and gives them the cash to buy.” Leon Levy

“When things are bad, we’re going to parachute in and look.” Scott Hood

“The best time to buy stocks is when they are cheap. However, when stocks are at their cheapest, there are usually a whole host of reasons not to buy them.” Christopher Browne

"Large price declines across the board should attract your attention. A good rule of thumb is to sell during times of market hysteria and buy during times of panic. Always remember to buy low and sell high. It sounds so simple, but it is extremely difficult. Just keep this dictum in mind - especially when your emotions are getting the best of you." Jim Rogers

“Selling out at the bottom – and thus failing to participate in the subsequent recovery – is the cardinal sin of investing. The ability to persevere requires consistent adherence to a well-thought-out approach; control over emotion; and a portfolio built to withstand declines.” Howard Marks

“We’re very focused on paying a cheap price, and that only comes about when there’s some short term challenge.” David Herro

“I am particularly interested in buying companies when their long term prospects are intact but they are cheap because they face short term issues.”  Robert Vinall

“Our clients are often surprised to find that our biggest gains spring from buying up stocks during their worst performance periods. It's after these downturns that committed investors learn that market adversities often create great long-term benefits, and that it truly can pay to ignore the crowd.” Bruce Berkowitz

“A market downturn doesn’t bother us. For us and our long-term investors, it is an opportunity to increase our ownership of great companies with great management at good prices. Only for short-term investors and market timers is a correction not an opportunity.”  Warren Buffett

Drawdowns are no reason to be unsettled. To the contrary, if share prices never fell, there would be less opportunity to buy companies cheaply. Higher long-term value creation in return for some short-term discomfort at a price decline is a trade every business owner should be happy to make.” Robert Vinall

“It is when the knives are falling that the people are most terrified that the best bargains are available. So if you wait until the dust settles, the bargains are gone.” Howard Marks

"We should not lament market downdrafts, but instead remain completely focused on taking advantage of them." Jim Mooney

“In our experience, it is during periods of economic and market distress that investors can create the most value. Great businesses can go from overvalued, to undervalued, to throwaway prices that could never be imagined in better times.” Chuck Akre

“No one enjoys a sharp market downturn, with mark to market losses, growing panic and economic dislocation.  Yet a downturn is a necessary precursor to an upturn; the seeds of recovery and eventually of substantial profit are sown amidst the carnage." Seth Klarman

"You know the prose : "Maintain buying reserves until current uncertainties are resolved," etc.  Before reaching for that crutch, face up to two unpleasant facts: The future is never clear; you pay a very high price for a cheery consensus.  Uncertainty actually is the friend of the buyer of long-term values."  Warren Buffett

"My philosophy is that life is not about waiting for a storm to pass.  It is about dancing in the rain.  One usually can read a weather map and reasonably predict when a storm will pass.  If one waits for the moment when the sun breaks out, there is a high probability others already will have reacted to the improved prospects and already driven up the price of the stock - and thus the opportunity to earn large profits will have been missed."  Ed Wachenheim