"What's left are U.S. equities. A radical idea!" The grueling debt ceiling crisis, just passed, was in his view "not a fiasco at all" but "a very good sign" that the U.S. has at last begun to summon the national will necessary to deal with its problems. "I think American business is going to be okay, and that U.S. equities are the place to be."
Why Berkshire Hathaway in particular? "It has qualities impossible to duplicate. It's run by one of the most experienced and smartest investors in the world. It's a barometer of the U.S. economy. And it's the perfect leveraged play on that economy--leveraged because of Berkshire's insurance holdings."
Plus, if you bought it now you'd be getting it at a reasonable price--an "historical buying opportunity" he calls it--made possible by the negative press temporarily surrounding the ouster of Warren Buffett's would-be successor, David Sokol.
Fair warning: Buffett, who is 80 years old, can't live forever.