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Legendary investor Warren Buffett appeared on CNBC's Squawk Box Wednesday morning to answer the biggest questions regarding the global economy, stocks, Election 2012, and more.
But with so much global uncertainty still swirling around, Buffett isn't ready to go on a buying spree.
Asked what investors should do, here's what Buffett had to say.
Buffett on Stocks, Economy
Buffett says there is "no question that worldwide there is some slowing down," however, he thinks the U.S. is in much better shape than the rest of the world.
"The general economy is certainly better in the U.S. than it is in Europe and in terms of the rate of decline in Asia, it's reasonably steep and we're still inching ahead, but it's inching."
Buffett urged investors to ignore the day-to-day news and focus on long-term investing.
He said an investor who is holding solid assets like a good farm shouldn't be swayed to sell that land just because Europe hits another snag in its debt crisis. There's long-term value in that investment that will exceed short-term obstacles.
"To buy or sell on current news is just crazy," Buffett continued. "You're in a wonderful business. You've got people running it for you. You know you're going to do well over five to ten years. And to think news events should cause you to dance in or out of something that's a wonderful game is a terrible mistake. Get into a bunch of wonderful businesses and stay with them."
And if you don't own stocks or a particular company that fits your investing strategy, Buffett says buy consistently over time when you can average-down share prices.
Buffett lives by his investing strategy of buying solid companies as they fall. He recently added to his Wells Fargo & Co. (NYSE: WFC) position and is confident in the long-term prospects of International Business Machine Corp. (NYSE: IBM), which is down over 8% since releasing its earnings over a week ago.
And don't forget one of the key features that Buffett looks for in companies: dividends. He loves companies that steadily pay out and increase their dividends.
Related: For six great dividend-paying companies, including two that Buffett owns, .
Warren Buffett on QE3 and Election 2012
Buffett, a strong backer of U.S. President Obama, is also a supporter of U.S. Federal Reserve Chairman Ben Bernanke.
But that doesn't mean he thinks QE3 was the right move.
Buffett said if he was a voting member in charge of the QE3 decision, "I would've listened very carefully to Bernanke, but my instincts would probably be to go the other way."
Nonetheless, Buffett made clear he is confident in the chairman's past decisions.
"If Ben Bernanke hadn't been there in 2008, I'm not sure where we would be now," said Buffett. "I have enormous respect for him. He's a very, very intelligent man. You've got to respect him enormously."
Even though Bernanke's future as Chairman of the Fed is unclear no matter who wins the election, Buffett expects him to remain at his post and said he thinks he is the best person for the job.
As for replacing U.S. Secretary of Treasury Timothy Geithner, who has made it clear he wants to leave his position, Buffett suggested Erskine Bowles as a candidate.
Speaking of politics and Election 2012, Buffett reiterated what many political analysts have said: It all comes down to Ohio.
"It may come down to who has the better ground game here in Ohio," said Buffett. "I think the first debate changed things dramatically. They say in life, you never get a second chance to make a first impression, Romney got a second chance to make a first impression."
[Click here for more analysis on what Election 2012 means for your money.]
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Buffett: 'No Question' Global Economy Is Slowing