Mr Buffett's call to arms comes in an contributed article to the New York Times. It's not that he doesn't appreciate the risks to the economy right now, or to weak or over-indebted companies. "To be sure, investors are right to be wary of highly leveraged entities or businesses in weak competitive positions," he says.
"But fears regarding the long-term prosperity of the nation's many sound companies make no sense. These businesses will indeed suffer earnings hiccups, as they always have. But most major companies will be setting new profit records 5, 10 and 20 years from now."
The piece is classic Buffett investment philosophy. He eschews any attempt at market timing: "I haven't the faintest idea as to whether stocks will be higher or lower a month - or a year - from now." But he points out again and again that when market conditions are tough - during the depression, during the war, during the oil shock - that's the time to buy. "If you wait for the robins, spring will be over."
He's also firmly of the view that hoarding cash right now is a bad strategy, describing it as "a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value."
"Equities will almost certainly outperform cash over the next decade, probably by a substantial degree. Those investors who cling now to cash are betting they can efficiently time their move away from it later. In waiting for the comfort of good news, they are ignoring Wayne Gretzky's advice: "I skate to where the puck is going to be, not to where it has been."
You may well opine that this time around, the Sage of Omaha is skating on thin ice. But faced with his investment record - I'm certainly not going to argue.
(You can read Mr Buffett's full article on the NY Times website)
