While the market was tumbling on Wednesday, Warren Buffett was buying.
Buffett told CNBC that he purchased stocks that day, but declined to say specifically which stocks. He did say that they were “names you’d recognize.”
“The more [the market] goes down, the more I Iike to buy,” Buffett added.
While many are concerned about the possibility of the Federal Reserve increasing rates, Buffett isn’t. “I really don’t care about whether the Fed is going to raise interest rates,” he said. He said he buys businesses that he thinks will be good for the next 50 years. That’s the case with the nation’s largest privately held car dealership group, Van Tuyl Group, which Buffett’s firm bought this week, he said.
Buffett also offered his thoughts on Coca -Cola’s new executive compensation plan, and tax inversions.