THREE CHEERS....

WARREN Buffett, the leading American stock market investor, who on Friday urged his fellow citizens to “Buy American” in an article in the New York Times, struck a sensible but upbeat message about America's - and therefore the world's - economic prospects. Mr Buffett explained his belief that now is the time to invest in this way: “A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful.” He also offered a little financial history to encourage those inclined to take his advice, pointing out that previous low points in 1932 and 1942 were soon followed by rising values. The trick, he believes, is to get the timing right so as to anticipate the moment that everyone else notices things are getting better; or, as he put it in his article, “If you wait for the robins, spring will be over.” This optimism, from someone who has proved his mastery of the markets over the years, is a welcome tonic.