“I'm salivating, yeah.” – Warren Buffett.
Wednesday on CNBC’s Squawk Box, Warren Buffett was interview by Becky Quick, he said the following, "I think the stock market generally is the best place to have money, and - but I think that there's no question that worldwide there is some slowing down going on. And in the United States, actually, residential housing is picking up, and we've been waiting for that a long time, and that will have a significant impact. It hasn't gotten to any big level yet, but our carpet businesses and brick businesses and all of that will come on with residential construction, and that has turned. But the general economy, it's a little bit better in the U.S., certainly better in the U.S. than it is in Europe."
Buffett also believes American business will get a lot better over the next four years - no matter who is elected President. Buffett's comment were similar to those of JPMorgan (JPM) CEO Jamie Dimon, who was interviewed at the Council on Foreign Relations earlier this month and said, "The President, whoever he is next, should recognize one thing for certain, they go into that office with a royal straight flush...If you invest in one place in the world, it would be here."
From The New York Times, who can forget Buffett's "Buy American. I Am," op-ed piece he penned (Oct.17, 2008), which helped rally U.S. equity markets. He went on to write, "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. 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. Why? A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors. To be sure, investors are right to be wary of highly leveraged entities or businesses in weak competitive positions. But fears regarding the long-term prosperity of the nation’s many sound companies make no sense. These businesses will indeed suffer earnings hiccups, as they always have. But most major companies will be setting new profit records 5, 10 and 20 years from now; over the long term, the stock market news will be good."
Since Oct. 17, 2008, the DJIA has gained 45.5% and the S&P 500 is up 48.7%.