World markets continued to fall on Tuesday as the coronavirus spread, with the S&P 500 extending losses for the week to 6.3%, while the UK’s FTSE 100 fell by 5.6% and Japan’s Nikkei 225 fell by 4.1%.
But Buffett told CNBC on Monday investors should not “buy or sell your business based on today’s headlines”. “If it gives you a chance to buy something you like and you can buy it even cheaper, you’re in good luck,” he said. “You can’t predict the market by reading the daily newspaper.” At the time Buffett spoke, US markets had not yet opened for the week but futures were suggesting a fall, which Buffett said was “good for us”. “We’re a net buyer of stocks over time. Most people are savers, they should want the market to go down. They should want to buy at a lower price.