Buffet, buying stock, says he rejects fear

NEW YORK, Oct. 17 (UPI) -- Billionaire investor Warren Buffett is buying stocks, specifically U.S. stocks, the man known as the Oracle of Omaha wrote in an editorial published Friday.

"A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful," Buffett wrote in an a guest commentary published by The New York Times.

"And most certainly, fear is now widespread, gripping even seasoned investors," Buffett wrote.

The Berkshire Hathaway chief executive officer, and richest person in the United States according to the Forbes 400 list, said he has turned his personal portfolio around almost 180 degrees. Previously, Buffett said, he owned only Treasury bonds. Currently, his profile is almost entirely made up of U.S. stocks, CNNMoney reported.

"Fears regarding the long-term prosperity of the nation's many sound companies make no sense," Buffett's article said. "Most major companies will be setting new profit records five, 10 and 20 years from now," he wrote.