Buffett: I'm Buying American. You Should Be, Too.

When fear is rampant, the markets discount America's future
By Clay Dillow,  Newser Staff
Posted Oct 17, 2008 9:32 AM CDT
Billionaire investor Warren Buffett eats ice cream at a Dairy Queen diner in Omaha, Neb., as he chats with Berkshire Hathaway shareholders in this file photo.   (AP Photo/Nati Harnik, FILE)
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(Newser) – “I’ve been buying American stocks,” Warren Buffett writes in the New York Times, and he'd like to see a stampede of others following suit. Sure, the financial system is a mess, global economies are faltering, unemployment is rising, and headlines will continue to terrorize markets. But markets will repair themselves, says the Oracle of Omaha, and those who wait for "the comfort of good news" will lose out.

While short-term fluctuation can’t be avoided or predicted, he's confident that "most major companies will be setting new profit records 10, 15 and 20 years from now.”  His mantra—“Be fearful when others are greedy, and be greedy when others are fearful”—tells him to move now, when the market is awash in fear. In short, he says, "bad news is an investor’s best friend. It lets you buy a slice of America’s future at a marked-down price."