Warren Buffett try to price, rather than time, purchases

"We try to price, rather than time, purchases. In our view, it is folly to forego buying shares in an outstanding business whose long-term future is predictable, because of short-term worries about an economy or a stock market that we know to be unpredictable. Why scrap an informed decision because of an uninformed guess?"

[Warren Buffett in Berkshire Hathaway's 1994 Annual Report]

Macroeconomic predictions

"Bershire has not thrived in the past from making macroeconomic predictions. Therefore, we don't think a lot about it. We just try to do sound things and we figure economic trends will average out over the long run. We're agnostics on the economy."

(Charlie Munger in Berkshire Hathaway Annual Meeting 1990)