If there was a clear signal or a call to action in these troubled times facing the financial world, that call just came from Warren Buffett.

In an article that appeared in the New York Times, titled "Buy American. I Am.", Buffett has once again outlined why equity is the best bet over the long term. He is also putting his money where his mouth is, not just on behalf of Berkshire Hathaway, but from his personal account as well, which till now only held US Government bonds.

He is also clear that he has no idea where the markets will be a month from now, or even a year, but believes that eventually it will move higher, and quotes several historical examples as well.

He also dishes out advice to those who invest in a knee-jerk manner, by using a quote from ice hockey champion Wayne Gretzky, "I skate to where the puck is going to be, not to where it has been."

Though Buffett is focussed on US stocks, there are a lot of lessons even for Indian investors. Several Indian bluechip stocks are trading at lows last seen 3-5 years ago and are now available at bargain prices. The businesses are all good, and one can make a killing by investing in such stocks, if prepared to wait out this period of pain and uncertainty, when age old financial institutions and banks are crumbling all around.

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