This month, Warren Buffett announced he would step down as Berkshire Hathaway chairman, ending his 60-plus-year stint at the company he helped turn into a trillion-dollar juggernaut. With Buffett officially stepping away, now is a good time to reflect on some of the gems he's dropped over the years.

One piece of Buffett advice I always keep in mind is how to brace for a market crash. And while there are no immediate signs of an approaching crash, that's exactly Buffett's point. Buffett famously said: "Predicting rain doesn't count. Building arks does."

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What Buffett meant by his statement

The stock market has always been irrational, so you can't predict its short-term performance. Trying to time the market and predicting a crash (rain) is more of gambling than investing. Instead, investors should focus on being as prepared as possible (building an ark).

A big part of being prepared is having an emergency fund. Younger adults should aim to save at least three months' worth of expenses, while families may want to aim for at least six months. Everybody's situation is different, so there's no set number; just ensure you have enough to weather unforeseen storms.

An emergency fund helps prevent situations where you may have to sell stocks to cover expenses, which could result in selling at a loss (especially during a crash) or triggering capital gains taxes. Ideally, your investments can remain uninterrupted.

The market has bounced back from every crash it has ever experienced. Investors who kept their stocks and stayed the course reaped the rewards of the bounceback. Since 1980, the S&P 500 has experienced seven true crashes, and yet it's up over 7,000% since then.

^SPX data by YCharts. Vertical grey bars represent official U.S. recessions.

Market crashes can present buying opportunities

Buffett is arguably the best value investor of all time, with many of his historic deals happening when the market was down. He once said: "Be fearful when others are greedy, and greedy when others are fearful."

Market crashes happen when lots of investors begin dumping their shares at once. In other words, the market is panicking. Instead of looking at the crash as a reason to jump ship (much easier said than done, I know), look at it as a time to go discount shopping and grab quality stocks at much lower prices. If you liked a pair of shoes for $150, you'd probably really like them at $100.