buffett zero to hundred pc in shares, page-22

Because his investment style is not to look for the best possible price, its the best possible coy, with good managers, etc., at a fair price. What he is saying is that at the moment the prices are more than fair - in fact there considerably below fair value.

Companies that are really distressed will of course look cheaper but in fact are distressed for (probably) good reason. WB is not interested in those coy's (unless, of course, he finds that they are well and truly oversold but still meet all or most of his criteria).

Therefore to WB, given his selection criteria, whether the bottom in the market has arrived or not is irrelevant.