Stocks are simple. All you do is buy shares in a great business for less than the business is intrinsically worth, with management of the highest integrity and ability. Then you own those shares forever. I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.

September 15, 2009

Buying good values, not based on economy forecast

Warren Buffett says he's buying stocks, but it's not because he thinks the recession is ending.

In a video interview with's Poppy Harlow posted on the Fortune website today, Buffett is asked if he agrees with Federal Reserve Chairman Ben Bernanke's comment this morning that the recession is probably over, from a technical standpoint.

"I don't know the answer to that ... and I don't worry about it too much.  We're buying stocks this morning, I can tell you that.  I'm not buying them based on whether we're coming out of the recession in three months or six months or a year.  I'm buying them because I think we're getting good value over tme.  And I think it is a mistake for investors to focus on business forecasts instead of looking at the intrinsic value of the business."

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