I couldn't agree with Warren any more. I have sold all my stocks and I am sitting in 5% GIC's, plus I am saving cash like crazy.
"Equity markets are not yet bargain-priced and there's more pain to come on Wall Street because of the debacle in U.S. mortgages, says Warren Buffett, the world's second-richest man.
“I was 370 points giddier yesterday at the end of the day than at the start of the day,” he said, referring to Tuesday's 2.9-per-cent decline in the Dow. But, he added, “I'm not giddy yet. Things are not ridiculously cheap.”" LINK