The real brilliance here lies in recognizing that market swings are driven by emotion, not reason—and that your advantage comes from detaching yourself from the crowd's psychology. Most investors think timing the market means predicting which way prices will go; Buffett suggests it's actually about staying calm when others panic and bold when others celebrate. During the 2008 financial crisis, while most people were pulling money from banks, he bought stakes in Goldman Sachs and other troubled firms at bargain prices, later profiting enormously. The quote works because it's not about having superior foresight—it's about having superior discipline when sentiment swings to extremes.