Warren Buffett: Time to buy U.S. stocks
NEW YORK, October 17, 2008 (Webwire®) - Reverse Merger News® Re-release: Warren Buffett, in an opinion piece in Friday’s New York Times, said he’s buying U.S. stocks for his personal account.
If prices stay attractive, Buffett said, his investments outside Berkshire Hathaway, the company for which Buffett is chairman and CEO, will soon be 100 percent in U.S. equities.
In the article, Buffett said he’s following a simple investment principle: Be fearful when others are greedy, and be greedy when others are fearful.
“Most certainly, fear is now widespread, gripping even seasoned investors,” Buffett wrote.
Buffett acknowledged the economic news was bad, with the financial world in a mess, unemployment rising and business activity faltering.
“What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up,” he said. “So if you wait for the robins, spring will be over.”
Buffett, who made his money by building his company Berkshire Hathaway Inc into a $199 billion conglomerate, wrote that investors were right to be wary of highly leveraged entities or businesses in weak competitive positions.
“But fears regarding the long-term prosperity of the nation’s many sound companies make no sense,” he said.
Buffett said major companies would suffer earnings hiccups, but added they “will be setting new profit records five, 10 and 20 years from now.”
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