金融乱世，股神巴菲特跳出来为所有地球人指点迷津，北京时间3月9日，他透过CNBC3小时电视直播回答网友提问，劈头就谈到金融海啸。他把金融风暴比喻成像「世界大战」一样可怕，但有信心经济最晚5年后一定会好。“宛如掉落深渊（fell off a cliff）”的美国经济终究会复苏，但过程中有可能触发1970年代末以来最严重的通货膨胀。
This is a live blog of Warren Buffett's appearances on CNBC's Squawk Box on Monday, March 9, 2009.
8:07a: Toxic assets that banks hold probably have the best prospects for returns if the current value is based on mark-to-market. The big problem for banks is not the toxic assets. Banks need to pay very little in dividends and build up their capital positions. “This is a great time to be in banking.” Banks can make a lot of money making loans.
7:50a: Buffett demurs from calling blue-chip stocks the “opportunity of a lifetime” but says it you buy a cross-section of well-capitalized companies you'll make money over 10 to 20 years. No idea whether you'll make money over 10 months. Getting quotes every day makes it hard to focus on the underlying businesses. “Forget the quotes.”
7:48a: Buffett concedes the three billion dollar commitment to Dow Chemical and Rohm & Haas did not turn out to be a good deal for Berkshire, but will stand by it. It looked smart at the time but it looks dumb now. “That's the way the world is.”
7:41a: Free markets sometimes overshoot but they're still the best system. When they do overshoot, government is needed to help correct things.
7:40a: While America made too big a bet on housing over the last ten years, a lot of other things were done right, and some things will be done right over the next ten years. Buffett: “You want to have enough rope to hang yourself, but not enough to hang the whole system.”
7:17a: What investment of the past year would you take back? Buffett laughs and says there are several. He cites ConocoPhillips and the Irish banks he mentioned in his letter to shareholders. He concedes he makes lots of mistakes, but hopes his successes make up for the errors.
7:05a: Do you wish you hadn't written the “Buy American” New York Times piece last October? Buffett says he wasn't trying to call the bottom then and wasn't responsible for the headline. He stands by his arguments that you'll do better over a 10-year period with stocks than you will with Treasuries. It's not his game to say exactly when the stock market has bottomed. “I stand by the article, but do wish I had run it a few months later.”
8:34a: Are bank stocks a good buy now? Buffett says we own some bank stocks and likes them, but does worry that at some point they may be forced to issue more stock. The banking system will cure itself, although Citibank may be a “special case.” Investors are lumping all banks together. By and large, banks are in good shape although some will continue to go broke.
8:54a: What is the biggest lesson you learned in 2008? Buffett answers it is the dangers of extreme leveraging. Leveraging up is a “lot of fun on the way up” but can be a “tragedy” on the way down. The lesson that needs to be learned is we shouldn't let big institutions be “unchecked” in their use of leverage.