If Stocks Plunge, Warren Buffett Goes on Buying Spree
The investor tells Fortune: "The lower things go, the more I buy."
Fortune's Andy Serwer got ahold of legendary investor Warren Buffett during the height of this week's stock market craziness, and guess what? Buffett is having a blast:
For us mere mortals, this summer's stock market meltdown has a grinding, Groundhog Day feel to it, as in: 'Oh no, not again…" But for Buffett it's invigorating. Today he's his usual chipper self, saying he's "never been better." And why not? As Buffett reminds me, "The lower things go, the more I buy. We are in the business of buying," [both securities and, if he can find them, big companies.] (And no, he won't tell me what he's picking up on the cheap.) Buffett always makes his job sound so easy, but of course it isn't. All you need is a multi-billion dollar war chest, nerves of titanium, and a brilliant, analytical mind. Not a very big group there.
Other topics covered in the fascinating interview include Buffett's thoughts on the S&P downgrade, what this year's disasters have done to the market and a fairly optimistic take on the state of fear in the market.