(Reuters) – Billionaire investor Warren Buffett is buying U.S. stocks, he wrote in an opinion column in the New York Times.
"A simple rule dictates my buying: Be fearful when others aregreedy, and be greedy when others are fearful," Buffett wrote in thepaper.
Buffett acknowledged the economic news was bad, with the financialworld in a mess, unemployment rising and business activity faltering.
"What is likely, however, is that the market will move higher,perhaps substantially so, well before either sentiment or the economyturns up," he said. "So if you wait for the robins, spring will beover."
Buffett, who made his money by building his company Berkshire Hathaway Inc (BRKa.N: Quote, Profile, Research, Stock Buzz)(BRKb.N: Quote, Profile, Research, Stock Buzz)into a $199 billion conglomerate, wrote that investors were right to bewary of highly leveraged entities or businesses in weak competitivepositions.
"But fears regarding the long-term prosperity of the nation’s many sound companies make no sense," he said.
Buffett said major companies would suffer earnings hiccups, butadded they "will be setting new profit records five, 10 and 20 yearsfrom now."
(Reporting by Ajay Kamalakaran in Bangalore; editing by Sue Thomas)
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