The markets haven't calmed down much this hot August on Wall Street.  No summer doldrums here!  With a wild swing late yesterday and another triple-digit decline this morning, the Dow is keeping investors on edge.  So, to help cool things down a bit, it feels appropriate to revisit a very popular post from last week with some timeless advice: What Would Warren Do?

Stocks have been on the proverbial "roller coaster ride", and that means increased nervousness for many investors.  A series of triple-digit Dow moves, especially the losses, can make it tough to sleep at night.

But despite the turmoil, the angst, the worries for some, I have a strong feeling Warren Buffett is sleeping just fine.  He's not looking at the day-to-day movements of the Wall Street indexes.  He's looking for long-term investments in solid companies selling at a discount, as he always does.

A previous Watching Warren Buffett post, Buffett Basics for Troubled Times, touched on some of the timeless Buffett strategies detailed in a U.S. News and World Reports cover story.  It's been a popular post, so I asked CNBC's Managing Editor Tyler Mathisen to videotape a short conversation with Buffett-watcher Alex Markels, a senior writer for the magazine and author of How to Make Money the Buffett Way.

The basic theme: What would Warren do when the markets are in turmoil?  Tyler and Alex talk about the discipline needed to "smile and buy more" when a favored stock falls due to the whims of the market, but they also emphasize that today's market environment may not be actually generating any real opportunities for Buffett, who does not indiscriminately "buy on the dips."  Alex also compares how Warren Buffett and CNBC's Jim Cramer might look differently at home builder stocks these days (although there is also a great deal of similarity in their stock picks, as we explored in this Great Minds post from a few weeks ago.)  

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