Perhaps the best advice for times like we are currently in come from the “Oracle of Omaha.”

“You know, I always say you should get greedy when others are fearful and fearful when others are greedy. But that’s too much to expect. Of course, you shouldn’t get greedy when others get greedy and fearful when others get fearful. At a minimum, try to stay away from that.”

Although not everyone is a value investor like Buffett, this is some timely advice for any type of market participant. Keep in mind that he just said last week that he is buying stock in his personal account. Through Berkshire Hathaway he purchased $5 billion of preferred stock and some warrants that are exercisable at $115 a share. Obviously we’d like to think that Buffett