Buy American. I Am.

By Warren E. Buffett – The New York Times

Date – 17th October, 2008

The financial world is a mess, both in the United States and abroad. Its problems, moreover, have been leaking into the general economy, and the leaks are now turning into a gusher. In the near term, unemployment will rise, business activity will falter and headlines will continue to be scary.

So … I’ve been buying American stocks. This is my personal account I’m talking about, in which I previously owned nothing but United States government bonds. (This description leaves aside my Berkshire Hathaway holdings, which are all committed to philanthropy.) If prices keep looking attractive, my non-Berkshire net worth will soon be 100 percent in United States equities.

Click here for the full story.

Here is what Warren Buffett is saying:

  • Stocks are cheap.
  • Inflation is the most probable outcome.
  • Cash is a poor investment despite the fear.
  • You can’t get rich by doing what the masses are doing.
  • Allocation of 100% to US equities is a good bet at this time.
  • You can’t even wait for things to turn because you can’t time it and you’ll probably be too late (i.e. you need to have foresight not hindsight).

Source: MSN BRK Group

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