"Buy American. I Am."

Is it time to start calling a bottom on the market when Warren Buffett tells New York Times readers that it’s time to start buying? I’m not sure, but it’s certainly worth a read. Buffett’s firm, Berkshire Hathaway, has recently been involved in purchasing stock in Goldman Sachs (albeit preferred stock) and General Electric.

Other holdings include Coca Cola, Kraft Foods, Nike and Burlington Northern.

I have seen some very low Price/Earnings ratios on some really good companies of late. And in the current climate, the wisest course of action might be defensive stocks. Johnson and Johnson stands out for me. That or stay out of the market altogether. For now.

Reuters have a report on Mr Market’s reaction.