May 2, 2026, 7:44 AM EDT. Legendary investor Warren Buffett emphasizes choosing businesses, not just stocks. In Berkshire Hathaway's 2021 shareholder letter, he outlined his strategy: focus on a company's long-term fundamentals rather than short-term market moves. Buffett and his late partner Charlie Munger prioritize investing in businesses expected to grow earnings over 5, 10, or 20 years, buying confidently when valuations are reasonable. This approach contrasts with attempts to time the market or chase hype, which often leads to volatility and losses. Buffett warns that if you're not ready to hold for at least a decade, don't invest at all. The method aims for steady wealth growth and resilience through downturns, highlighting that strong foundations matter most during bear markets and recessions.