With tariffs taking effect, many economists are raising the probability of a recession in the coming year. Warren Buffett's timeless advice can not only reassure worried investors, but also help make the most of this situation.

Buffett also leaves Abel and Berkshire Hathaway with a tremendous stockpile of cash. Buffett began selling stocks last year ahead of the market sell-off, while also ending the company's buyback program. Together with increased operating profits, Berkshire ended the first quarter with a whopping $347.7 billion in cash on its balance sheet.