Investor 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.