Warren Buffett to Fortune: "We're Buying Stocks"
Warren Buffett says he's buying stocks, but it's not because he thinks the recession is ending.
In a video interview with CNNMoney.com's Poppy Harlow posted on the Fortune website today, Buffett is asked if he agrees with Federal Reserve Chairman Ben Bernanke's comment this morning that the recession is probably over, from a technical standpoint.
"I don't know the answer to that ... and I don't worry about it too much. We're buying stocks this morning, I can tell you that. I'm not buying them based on whether we're coming out of the recession in three months or six months or a year. I'm buying them because I think we're getting good value over time. And I think it is a mistake for investors to focus on business forecasts instead of looking at the intrinsic value of the business."
As for his own view of the economy, based on the data coming in daily from Berkshire Hathaway's many consumer-oriented businesses: "It's not deteriorating and it's not moving up in any noticeable way."
Buffett was a speaker today at Fortune's Most Powerful Women Summit in Carlsbad, California.
In an interview with CNBC's Becky Quick at the conference, he recalls the weekend one year ago when Lehman and AIG were trying to avoid collapse, saying he got phone calls but didn't make any deals.
Current Berkshire stock prices: