At a 2005 Berkshire Hathaway (NYSE: BRK.A) shareholder's meeting, when asked about his thoughts on the economic outlook, Warren Buffett gave the following response:

"If the market gets cheaper, we will have many more opportunities to do intelligent things with money. We are going to be buying things -- one thing or another -- operating businesses, stocks, high-yield bonds, whatever -- we're going to be buying things for as long as I live, just like I'm going to be buying groceries."

This strategy of being a net buyer of assets has obviously paid off for Warren Buffett, as his net worth has now eclipsed $100 billion.

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Source Fool.com