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Buffett promotes buying U.S. stocks

October 20, 2008 by  

Warren Buffett is greedy when others are fearfulInvestor Warren Buffett, one of the richest men in the world, has announced that he is buying American stocks.

A bear market provides a perfect opportunity to purchase stocks at a low price, the billionaire suggested in an opinion column in the New York Times.

The Berkshire Hathaway CEO described how he had moved his money from government bonds to U.S. stocks in an attempt to take advantage of market conditions.

He repeated his oft-quoted advice to investors: "Be fearful when others are greedy and be greedy when others are fearful."

Buffett explained that although we are in the midst of a frightening economic period, including rising unemployment and falling business activity, the situation will take a turn for the better.

"What is likely … is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up," he wrote.

Savvy investors will not let this opportunity pass them by, he advised.

Buffett ranked number one on Forbes magazine’s 2008 World Billionaires list, with an estimated net worth of $62 billion.

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  • Bob Livingston

    Buffet’s saying of “Be fearful when others are greedy and be greedy when others are fearful” is dead on.  Readers of The Bob Livingston Letter have heard me say for decades that you must buy when there is black pessimism and blood in the streets.  There may be more carnage to come in the markets and therefore prices may fall even much lower than they are today.  However, it’s hard to time market bottoms and market tops exactly, so if there are good companies you want to own, you should buy when prices are near all time lows, like many are today. 

    My money is still on gold and commodities.  I still believe based on all my research that there is a tremendous bull market yet ahead in gold and commodities.  Keep your faith in the trend, even during deep corrections as we are experiencing now.  In the long-term, it will be healthy for the bull market. –Bob

  • Terry Neal

    Frankly, I’m scared to jump in. With all the corruption and manipulation in the “free market” I’m really hesitant to trust my few dollars to these con artists. There are now stories circulating that the whole bailout mess was contrived in order to consolidate wealth and merge large banks. Have you watched where the bailout money has gone? Well, no where actually. If the situation was so desperate, why have not the monies been distributed. Some say the plan is to spend the money on bank mergers, CEO bonues, pay increases, and other nefarious schemes. I trust the thug in the back alley more than I trust these Wall Street rats! Just look at how they are fixing the price of precious metals now. Supply and demand theory is out the window.

  • Bibi

    Interesting. Thanks!


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