And by ‘Great One’, I mean Wayne Gretzky.
Warren Buffett, the world’s most famous and successful investor, took some time to write a comforting op-ed piece* in today’s New York Times.
In it, he attempted to encourage investors to buy American stocks by quoting the profound advice of #99, Mr. Wayne Gretzky.
Gretz said, "I skate to where the puck is going to be, not to where it has been."
Buffett went on to elaborate by saying he’s always followed this advice when deciding when to invest: "Be fearful when others are greedy, and be greedy when others are fearful."
Strong words coming from a man who ends up with gold on almost every investment he’s made. John McCain and Barack Obama in the recent debates have both said he would be a great choice for a cabinet level position in the future President’s administration.
Buffett also said that he himself has been purchasing American stocks recently with his personal account, in which he previously owned nothing but United States government bonds. That’s a pretty big step that shows some confidence.
Whether or not Buffett, America’s most lovable billionaire, can successfully calm investors and get them to stick around long enough to not crash the market at the end of trading day still remains to be seen. However, Buffett has a loyal following of people that will be sure to listen when he speaks up like he did today.
*Fun fact: Op-ed gets its name for being ‘opposite the editorial page’ in layout. It is not short for ‘opinion editorial’.
Bonus! — Our 5 All-time Favorite Warren Buffet photos presented without comment after the jump:
NYT: Buy American. I Am, October 17, 2008