Some Warren Buffett wisdom on his last day leading Berkshire Hathaway

OMAHA, Neb. (AP) — The advice that legendary investor Warren Buffett offered on investing and life over the years helped earn him legions of followers who eagerly read his annual letters and filled an arena in Omaha every year to listen to him at Berkshire Hathaway's annual meetings.

Buffett's last day as CEO is Wednesday after six decades of building up the Berkshire conglomerate. He'll remain chairman, but Greg Abel will take over leadership.

Here's a collection of some of Buffett's most famous quotes from over the years:

“Be fearful when others are greedy, and greedy when others are fearful.”

That's how Buffett summed up his investing approach of buying out-of-favor stocks and companies when they were selling for less than he estimated they were worth.

He also urged investors to stick with industries they understand that fall within their “circle of competence” and offered this classic maxim: “Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.”

“After they first obey all rules, I then want employees to ask themselves whether they are willing to have any contemplated act appear the next day on the front page of their local paper to be read by their spouses, children and friends with the reporting done by an informed and critical reporter.

“If they follow this test, they need not fear my other message to them: Lose money for the firm and I will be understanding; lose a shred of reputation for the firm and I will be ruthless.”

That's the ethical standard Buffett explained to a Congressional committee in 1991 that he would apply as he cleaned up the Wall Street investment firm Salomon Brothers. He has reiterated the newspaper test many times since over the years.

“You only find out who is swimming naked when the tide goes out.”

Many companies might do well when times are good and the economy is growing, but Buffett told investors that a crisis always reveals whether businesses are making sound decisions.

“Who you associate with is just enormously important. Don't expect that you'll make every decision right on that. But you are going to have your life progress in the general direction of the people you work with, that you admire, that become your friends.”

Buffett always told young people that they should try to hang out with people who they feel are better than them because that will help improve their lives. He said that's especially true when choosing a spouse, which might be the most important decision in life.

“Our unwavering conclusion: never bet against America.”

Buffett has always remained steadfast in his belief in the American capitalist system. He wrote in 2021 that “there has been no incubator for unleashing human potential like America. Despite some severe interruptions, our country’s economic progress has been breathtaking.”

FILE - Warren Buffett, Chairman and CEO of Berkshire Hathaway, puts pen to paper during a game of bridge following the annual Berkshire Hathaway shareholders meeting in Omaha, Neb., Sunday, May 5, 2019. (AP Photo/Nati Harnik, File)

FILE - Warren Buffett, chairman and CEO of Berkshire Hathaway, opens a bottle of Cherry Coke during a game of bridge outside Berkshire-owned Borsheims jewelry store in Omaha, Neb., Sunday, May 6, 2018. (AP Photo/Nati Harnik, File)

FILE- In this May 7, 2018, file photo, Berkshire Hathaway Chairman and CEO Warren Buffett smiles during an interview in Omaha, Neb.. (AP Photo/Nati Harnik, File)

FILE - Warren Buffett, chairman and CEO of Berkshire Hathaway, gestures as he plays bridge outside Berkshire-owned Borsheims jewelry store in Omaha, Neb., Sunday, May 6, 2018. (AP Photo/Nati Harnik, File)

FILE - Warren Buffett, Chairman and CEO of Berkshire Hathaway, speaks to reporters before presiding over the annual shareholders meeting in Omaha, Neb., May 4, 2019. (AP Photo/Nati Harnik, File)

BEIRUT (AP) — Israeli troops have captured a strategic mountain topped with a Crusader-built castle in southern Lebanon in the deepest incursion into the country in more than a quarter-century, the military said Sunday.

The taking of Beaufort castle, near the city of Nabatiyeh, followed days of airstrikes and intense fighting in nearby villages between Israeli troops and Hezbollah militants.

The capture marked a major Israeli advance in the latest Israel-Hezbollah war, which began on March 2, when Hezbollah fired rockets into northern Israel two days after the U.S. and Israel attacked its main backer, Iran.

Since then, Israel has launched a ground invasion, capturing dozens of Lebanese villages and towns close to the border. Hezbollah has launched thousands of missiles and drones at Israeli soldiers in southern Lebanon and northern Israel.

The Israeli push came despite a nominal ceasefire that has been in place since April 17 and just days before Lebanon and Israeli hold their next round of direct talks in Washington starting Tuesday.

French Foreign Minister Jean-Noël Barrot requested an emergency meeting of the United Nations Security Council to discuss Israeli military operations in Lebanon, which he described as “unacceptable.”

“Nothing can justify the prolongation of Israeli military operations in Lebanon and its increasingly deep occupation of Lebanese territory,” Barrot said Sunday on French television BFM TV.

The Israeli military's Arabic-language spokesperson, Avichay Adraee, posted photographs on X showing Israeli troops walking outside the castle, and Defense Minister Israel Katz wrote on X that they raised an Israeli flag over the castle. Israeli troops previously captured the castle in 1982 and held it until they withdrew from Lebanon in 2000.

“Twenty six years after the withdrawal from the security zone in Lebanon, the Israeli flag has returned to fly on the peaks that overlook the Galilee towns,” Katz said Sunday at a memorial ceremony for Israeli soldiers killed in its previous occupation of southern Lebanon.

Katz said Israel intends to hold the castle as its troops work to destroy thousands more homes that he says were used by Hezbollah and other military infrastructure in southern Lebanon.

The Beaufort fortress, perched high atop Lebanon’s rolling green hills and overlooking the Litani River, has been a strategic military asset for centuries.

Built as a Crusader castle around the 12th century on top of previous fortifications, it has also been used by Saladin’s Jerusalem army, Mamluks, Ottomans, the French and the Palestine Liberation Organization. The Crusaders named it Beaufort, which is Old French for “beautiful fortress.”

The 1982 capture of the castle from the PLO was a major victory for the Israeli military, which was then led by Defense Minister Ariel Sharon, who later became prime minister. At the time, the Israeli army pushed all the way north and occupied Beirut.

In 2000, the castle was partially restored and opened to visitors.

During the previous Israel-Hezbollah war in 2024, UNESCO gave enhanced protection to 34 cultural sites in Lebanon, including Beaufort Castle, to safeguard them from damage.

The castle is a few kilometers north of the Israel border and overlooks wide parts of southern Lebanon and northern Israel. In Arabic, it is called Al-Shaqif castle, an old Syriac word referring to the formidable rocky area.

Beaufort is symbolic across the region, including in Israel, where it was one of the best-known places Israel controlled during the 18-year occupation. An Israeli war film titled “Beaufort” explores moral questions about war in the last days before the military withdrew.

In recent days, Israel has expanded the scope of its operations in Lebanon, sending troops across the Litani River, which previously served as a de-facto boundary, and demanding that residents leave much of southern Lebanon.

“The occupation of Beaufort is a dramatic stage and a dramatic shift in the policies we are leading,” Israeli Prime Minister Benjamin Netanyahu said Sunday, citing the military occupation of security zones in Syria, Lebanon and Gaza along Israel’s borders. He said Israel has killed 3,000 Hezbollah militants since the start of the war. Hezbollah has not disclosed its casualty numbers.

Israel has designated the area from the Litani up to the Zahrani River a combat zone. Some residents have already left the area due to intense strikes in recent days, but people remain.

Israeli troops have been advancing for days in villages close to Beaufort castle. They are now about 5 kilometers (3 miles) from Nabatiyeh, a major center in southern Lebanon. They have called on people to leave that area, as well as the coastal city of Tyre, the country’s fourth-largest city, and its surroundings.

There was no immediate comment from Hezbollah or the Lebanese government on the Israeli push.

The expanded operation would give Israel an upper hand in the upcoming talks with Lebanon in Washington, said Beirut geopolitical analyst Joe Macaron.

“We are at a tipping point,” Macaron said, adding that it is still too early to say how Hezbollah will react to the loss of land. “The more land they (the Israeli military) can grab before the ceasefire, the more they can impose conditions on Hezbollah before their withdrawal.”

Israel has continued striking near Tyre, including near the Hiram Hospital. Lebanon's Health Ministry said 13 health workers were wounded in the strike. Elsewhere, a strike in Deir al-Zahrani, near Nabatiyeh, killed eight people and wounded 16 others, according to Lebanon's state-run National News Agency.

Hezbollah overnight claimed two attacks targeting Israeli troops and a Merkava tank in the southwestern town of Bayada near the border. In recent days, the group has said it has clashed with Israeli troops in several towns just north of the river near Nabatiyeh and the strategic castle. It also claimed attacks deeper into Israel near the northern city of Haifa, Nahariya, as well as border areas.

Hezbollah on Saturday fired salvos of rockets into northern Israel, including Kiryat Shmona, the largest city in the area.

Hezbollah's use of hard-to-detect fiber optic drones has been deadly for the Israeli military, which is struggling to respond. There have been nearly 200 alerts for Israeli civilians across northern Israel warning of drones and missiles in the past 24 hours, according to Israel's military.

The latest round of fighting between Israel and Hezbollah has killed 3,350 people in Lebanon and displaced more than 1 million people.

According to Netanyahu’s office, at least 25 Israeli soldiers and a defense contractor have been killed in or near southern Lebanon, including one on Saturday. Two civilians have also been killed in northern Israel.

Lidman reported from Tel Aviv, Israel.

An Israeli solider takes a position in a house in the community of Metula, northern Israel, on the border with Lebanon Sunday, May 31, 2026. (AP Photo/Ariel Schalit)

Smoke rises following an Israeli airstrike in the southern port city of Tyre, Lebanon, Sunday, May 31, 2026. (AP Photo)

Israeli soldiers drive a tank in southern Lebanon as seen from northern Israel, Sunday, May 31, 2026. (AP Photo/Ariel Schalit)

A view of he Beaufort Castle in southern Lebanon as seen from northern Israel, Sunday, May 31, 2026. (AP Photo/Ariel Schalit)

A person walks past the site struck by a rocket fired from Lebanon on Saturday in Kiryat Shmona, northern Israel, Sunday, May 31, 2026. (AP Photo/Ariel Schalit)

A local resident walks past the site struck by a rocket fired from Lebanon on Saturday in Kiryat Shmona, northern Israel, Sunday, May 31, 2026. (AP Photo/Ariel Schalit)

FILE -Villagers inspect the damage to Beaufort Castle, 10 kilometers (6 miles) northwest of the southern market town of Nabatiyeh, Lebanon, Wednesday, May 24, 2000. (AP Photo/Ahmed Mantash, File)