As a Berkshire shareholder, I'm happy that Buffett didn't pounce in the crisis. Prices were only just becoming reasonable when the Fed stepped in and upended th

As a Berkshire shareholder, I'm happy that Buffett didn't pounce in the crisis. Prices were only just becoming reasonable when the Fed stepped in and upended the calculus of the value investor. As Buffett likes to say, there are no called strikes in investing. “I call investing the greatest business in the world,” he says, “because you never have to swing. You stand at the plate, the pitcher throws you General Motors at 47! U.S. Steel at 39! and nobody calls a strike on you. There’s no penalty except opportunity lost. All day you wait for the pitch you like, then when the fielders are asleep, you step up and hit it.”