warren buffet...the optimist, page-21

"He also has more to lose should he start talking it down!"

Buffett is notorious for buying shares when markets are panicking, in fact I think you will find he would prefer to have lower prices than higher. Secondly, BRK evaluate themselves based on the book value of their NTA so he and his investors could care less about the share price of BRK.A&B.

A large amount of the cash BRK generates is from his insurance business 'float' which means even during GFC's and the like assuming all his other business he has excess cash to invest which I presume he would rather do at a lower price.

The quote of "buy when others are fearful" comes to mind.