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Upbeat Warren Buffett says he's been buying amid market downturn

August 11, 2011 | 11:49 am

Buffettphoto 
Billionaire Warren Buffett said he has not seen anything that suggests an economic catastrophe is emerging and has been buying amid sharp declines in the stock market, according to an article on Fortune magazine’s website.

“The lower things go, the more I buy,” Buffett said. “We are in the business of buying.”

The Berkshire Hathaway chief executive told Fortune he’s been buying equities and looking to acquire big businesses in the days following what he called an unjustified downgrade of the U.S. credit rating, and the ensuing highly volatile swings in the major U.S. markets. He did not discuss what he has been acquiring.

“Business has been coming back steadily, even more than the mood of the public," Buffett told Fortune.

Buffett also told the magazine that he was not seeing fresh indications of the economy turning bad again, though things could change if market conditions do not improve.

"Up until right now, all of our businesses have been coming back -- even Europe isn't doing that badly -- except for businesses relating to home construction which is on its rear end," Buffett said.

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--Stuart Pfeifer

Photo: Warren Buffett. Credit: Associated Press

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