Something to learn from Warren Buffet

A key maxim in his outlook: "A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful.

"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," Buffett said.

"These businesses will indeed suffer earnings hiccups, as they always have. But most major companies will be setting new profit records five, 10 and 20 years from now."

Buffet stressed that he could not predict how the market would ride out its roller-coaster days in the short-term.

But he said "what is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up. So if you wait for the robins, spring will be over."