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Mr Buffett went even further, telling the New York Times he "will soon be 100 per cent in US equities".
He also said he did not know when an upturn in the economy would take place and and those who hold cash equivalents in the current financial environment should reconsider their decision.
"They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value," he commented.
According to the Birmingham Post, Mr Buffett filed his first tax return at the age of 14 having saved up the money he earned from a paper round.
Then, at the age of 26, he established his first investment partnership.
He bought Berkshire Hathaway, then a struggling textiles firm, in 1964 and transformed it into a hugely successful diversified holding company.
