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Buffett on stocks: 'Look at them as a business'

The man known as America's greatest investor isn't bothered by stock market volatility.

"I have no idea what the stock market's going to do tomorrow or next week or next month or next year," said Berkshire Hathaway Chairman and CEO Warren Buffett.

"If you own your stocks as an investment—just like you'd own an apartment, house or a farm—look at them as a business," Buffett advised. "If you're going to try to buy and sell them based on news or something your neighbor tells you, you're not going to do well. Find a good bunch of businesses and hold them."

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Buffett's Berkshire Hathaway owns 75 subsidiary companies, including some he's held for decades, such as See's Candies.

"You will not make money trying to sell stocks daily or weekly," Buffett said.

Warren Buffett
Adam Jeffery | CNBC
Warren Buffett

A slow-and-steady course to longer-term gain is what Buffett believes is driving U.S. growth since the worst of the financial crisis.

"The economy, since the fall of 2009, has been increasing at a pretty steady rate," Buffett said. "People have gotten more enthused or more depressed about it. But, it's been a pretty steady increase. It doesn't accelerate a lot, it doesn't decelerate a lot."

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Buffett admitted that the rate of increase of U.S. economic growth—a 4.6 percent annualized rate in the second quarter, according to the Bureau of Economic Analysis' most recent estimate—"doesn't get people all excited," but he contended that it follows the pattern of the last five years and will continue in future.