Words of advice from the world's greatest investor.
As I write these words, London's flagship FTSE 100 index is a number beginning with a "4" -- and not a "5" or a "6". Given that the market was above 6,000 a month ago, that's scary stuff.
And, of course, other markets around the world have experienced similar -- if not even greater -- falls in value.
Yet one man, I guarantee you, will be rubbing his hands in glee, or greed, or both. That's right: Warren Buffett, the Sage of Omaha.
Most readers will be familiar with Buffett's well-known "be greedy when others are fearful" quote. It's famous, and rightly so. Even if he was just echoing the words of an earlier investing genius, Sir John Templeton, who said "the time of maximum pessimism is the best time to buy".
But there's another, lesser-known Buffett quote that I always think sums up the situation even better.
Somewhere in the dusty recesses of my office is a copy of Fortune magazine from December 2001 ‑‑ archived in an era when it wasn't so easy to just go on‑line to re‑read fascinating articles.
The article in question was by Warren Buffett, co‑authored with Buffett's long‑time friend, the redoubtable Carol Loomis, a financial journalist who is still writing for the magazine, despite ‑‑ like Buffett ‑‑ now being in her 80s.
And in it, Buffett neatly sums up his approach to the opportunities thrown up by periods of market turmoil.
"When hamburgers go down in price, we sing the Hallelujah Chorus in the Buffett household. When hamburgers go up, we weep. For most people, it's the same way with everything in life they will be buying ‑‑ except stocks. When stocks go down and you can get more for your money, people don't like them anymore."
And unquestionably, the stock market's hamburgers have just gone down in price. AstraZeneca (LSE: AZN), Aviva (LSE: AV), Rolls-Royce (LSE: RR), BT (LSE: BT-A), BAE Systems (LSE: BA), BP (LSE: BP) -- as I wrote last week, Britain's blue chips have gone on sale.
What's Buffett buying right now? I've no idea, and won't have until Berkshire Hathaway's next quarterly filing.
But what we do know is that he did very nicely last time around.
There's a nine‑figure profit coming his way in October, for instance, when a $3bn loan to America's General Electric matures -- a loan taken out by the industrial powerhouse when it was caught short in the credit crunch, and Buffett's Berkshire Hathaway was one of the few businesses that would lend to it.
Another high-profile loan was to Goldman Sachs. According to the latest quarterly filing, his $5bn loan to Goldman has so far earned him $806m. That's almost £500 million. Not bad when you can lend to bankers, is it? Especially when it's at eye-watering interest rates.
And, of course, he made some canny share purchases, too, taking the opportunities thrown up in 2008 and 2009 to buy stakes in high-yield dividend-paying businesses such as Dow Chemical and Wrigley.
A friend of mine has just been on the phone. "The market is down again," he worried. "What are you doing?"
I'm buying, I told him. And I'm darned sure I'm in good company. And in the weeks to come, we'll find out just what Buffett has been buying.
But in the meantime, what are you buying? Answers in the box below, please!
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> Malcolm owns shares in BT, BP, AstraZeneca, Aviva, Rolls-Royce and BAE Systems. The Motley Fool owns AstraZeneca and BAE.