Warren Buffet: Crisis, what crisis?

The world's greatest investor is weathering the financial crisis by practising what he preaches.
One of Warren Buffett's favourite sayings about the market is: "be greedy when others are fearful and fearful when others are greedy".
When the market was fearful last September, Mr Buffett was greedy, putting $5bn (£3bn) into the investment bank Goldman Sachs on exceptionally favourable terms.

He says he was only able to negotiate the deal because not many people had $5bn to hand at that particular moment.

But there is no doubt Mr Buffett's public show of confidence in the company was, in itself, a valuable asset to Goldman.

Mind-boggling returns
The deal already looks like a good one for Mr Buffett, with potential profits for him in the billions. He has always enjoyed himself in a falling market, which, as he sees it, provides him with the best opportunities.

As if to prove his fabled status as the most successful investor ever, Mr Buffett prints his fund's spectacular growth record, all the way back to 1965, in the annual report of his company, Berkshire Hathaway.
It shows he has achieved an extraordinary 20.3% average annual growth in the company's value, which - he helpfully works out - comes to a mind-boggling 336,000% over the years - 84 times that of the standard US index fund, the S&P 500.

The numbers really are off the scale.

(This article was done by Charles Miller, of Money Program)