That's true, buying specs in this environment is suicide. It's only the companies that come out of this inherently unimpaired that's worth buying because their price is being marked down for no good reason. Microsoft for example is still the same company it was before this started, and when its over will be making profits like it never happened. The credit crunch changes nothing. Can't say the same for specs - the crunch means they can't raise money on non-dilutive terms to shareholders, if they can raise money at all = shareholders get slaughtered. Likewise with many debt laden companies, IMHO.
I hope people do heed those words - don't invest what you can't afford to lose. If losing the money changes your life for the worse in some way then you shouldn't invest it! I guess Buffett's comments are more directed at people who have savings sitting idle that they for any forseeable needs.
