In an interview at Fortune’s Most Powerful Women Summitnot long ago, Warren Buffett talked about his investment approach, the US economy, and a number of other investment and economic issues (h/t Stingy Investor).

Buffett said that he believed stocks were trading in a”range of reasonableness ” — and, he said, they usually are in that range. While pundits often try to pinpoint exactly how under- or overvalued stocks are, Buffett says it’s not that simple. “Anybody who thinks they can pinpoint it is crazy,” he said. “It’s not that precise.” And fortunately, he says, you don’t need a precise answer for market valuation to make money, he says. Buy shares of good businesses at reasonable prices, and hold them, and you’ll make a lot of money, Buffett says. Buffett also talks about why the total market cap/GDP valuation metric many have said he espouses is more of a way to find major outliers in valuation than it is a way to time the market, and why banks aren’t as good an investment as they once were.

[youtube=https://youtube.com/watch?v=cSU3y0N60XU]