2022 was a challenging year for investors, with the S&P 500 index down 19.4% and the tech-heavy Nasdaq Composite index falling 33.1%. The declines put both indexes firmly in bear market territory.

One person who knows a thing or two about investing in bear markets is Berkshire Hathaway CEO Warren Buffett. Since taking control of Berkshire Hathaway in 1965, Buffett has helped the holding company generate returns of roughly 2,419,900% for investors -- crushing the S&P 500's returns in the process.

One of Buffett's many notable investment quotes encapsulates the current stock-buying environment quite well: "Be fearful when others are greedy and greedy when others are fearful." Coming into 2022, Berkshire Hathaway was sitting on a record cash balance. Buffett used the bear market in stocks to put billions of this cash to work, investing heavily in several companies.

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Source Fool.com