I don't know anyone who is infallible. He has said many times he has been not been perfect with all of his investments. But the issue is he is the richest man who has made his wealth by investing. I would assume he does know something about making money. And he is committed to giving away 99% of his money so wealth is not what drives him. Here is a CNN story post in April of 2008
when Buffett hosted a 150 Warton students when he said. The scenario you're describing suggests we're a long way from turning a corner. I think so. I mean, it seems everybody says it'll be short and shallow, but it looks like it's just the opposite.
You know, deleveraging by its nature takes a lot of time, a lot of pain. And the consequences kind of roll through in different ways. Now, I don't invest a dime based on macro forecasts, so I don't think people should sell stocks because of that. I also don't think they should buy stocks because of that.
Link to the whole story is below. What Warren thinks... - Apr. 14, 2008
I have done a google and found nothing on your quote of Buffet or the context of that "quote". I would like to see that.