Warren Buffett says he is getting more calls these days, albeit as he says, in classic Buffett-speak, ‘from a low base’…

Of course, he never shows his hand until it turns up at the next SEC filing on the SEC website. So no one knows whether he thinks Countrywide Credit, or the market in general, represent good value, in his eyes.

What we know is that when shares trade near to intrinsic value, usually this is a good time to be thinking about buying. Recently, we have started to see a few of these, especially among the small cap sector.

Turning to the FTSE 100, we would say from a timing point of view…’tempting, but perhaps not quite yet’ - If you look at the current price action relative to the major fall on and around July 26th, it’s fair to conclude, we think, that ‘we’re not there yet’. A decisive timing driven allocation move into the market here would have a major element of guesswork about it. On the other hand, for long term considerations, over a 3-5+ year horizon, the ‘Buffett camp’ view (very intrigued by the sudden value appearing here, there & everywhere) probably makes a great deal of sense. To adapt one of our Nebraskan sage’s aphorisms, markets vote in the short term, then they weigh in the long term, having forgotten who they had voted for originally.

Are you a voter, or a weigher?

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