On Oct. 16, 2008, Buffett wrote in the New York Times:
"THE financial world is a mess, both in the United States and abroad. Its problems, moreover, have been leaking into the general economy, and the leaks are now turning into a gusher. In the near term, unemployment will rise, business activity will falter and headlines will continue to be scary.
So ... I’ve been buying American stocks. This is my personal account I’m talking about, in which I previously owned nothing but United States government bonds."
So what happened to BUY AND HOLD? He never did that ... it's all a myth.