Today, The New York Times featured an editorial by perhaps the most famous investor in the world, billionaire Warren Buffett, chief executive of Berkshire Hathaway. The main thrust of his piece was that while no one can predict the short-term moves of the stock market, in five, 10 or 20 years, it will have recovered from the mess we’re in right now.

Buffett pointed to several historical examples of great times to buy, which were primarily when everyone had been scared off. As Buffett wrote, “A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful.” The fear on Wall Street (and Main Street, as our politicians are so fond of saying) has certainly reached a fever pitch. So Buffett is buying.

What does he think are good buys right now? American stocks, that’s what. Buffett isn’t waiting for comforting news to ease him into the market, he’s diving in now, when securities are cheap and he sees great long-term upward potential. He’s moving to where the market is going, not where’s it’s been. To illustrate his point, Buffett even quoted Wayne Gretzky, who said, “I skate to where the puck is going to be, not to where it has been.”