Billionaire financier and Berkshire Hathaway Chief Executive Warren Buffett greets shareholders during the Berkshire Hathaway Annual Shareholders meeting in Omaha, Nebraska in this May 3, 2008 file photo.[AP photo]

He referred to what, for him, is a basic principal in investment and that is to be fearful when others are greedy, and to be greedy when others are fearful. Warren Buffett acknowledged the severity of the current economic situation, with rising unemployment and faltering business activity.

But he says the market is likely to move higher, perhaps substantially so, well before either sentiment or economy makes its recovery. In a typically pithy summary of his approach "if you wait for robins, spring will be over".

(CCTV October 20, 2008)