New York Times Op-Ed Contributor: “Buy American. I Am.” by Warren E. Buffett

“Buy American. I Am.” by Warren E. Buffett

New York Times Op-Ed Contributor October 17, 2008 Omaha

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…

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A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful…

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A little history here: During the Depression, the Dow hit its low, 41, on July 8, 1932. Economic conditions, though, kept deteriorating until Franklin D. Roosevelt took office in March 1933. By that time, the market had already advanced 30 percent. Or think back to the early days of World War II, when things were going badly for the United States in Europe and the Pacific. The market hit bottom in April 1942, well before Allied fortunes turned. Again, in the early 1980s, the time to buy stocks was when inflation raged and the economy was in the tank. In short, bad news is an investor’s best friend. It lets you buy a slice of America’s future at a marked-down price.

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Read Mr. Buffet’s entire Op-Ed here: “Buy American. I Am.” by Warren E. Buffett

Warren E. Buffett is the chief executive of Berkshire Hathaway, a diversified holding company.

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