I've never put much credence in the idea that anyone can effectively predict short-term market movements. However, after Warren Buffett's recent investments in Goldman Sachs ( GS) and General Electric ( GE), I must admit that the contrarian in me was tempted to join Mr. Buffett and buy every ultra-two-times-leverage ETF I could find. Fortunately, I hesitated and gave some more thought to what Mr. Buffett was really saying about the market. He isn't predicting a short-term market bottom by buying these iconic brands at prices only he could get. Instead, he's more reasonably arguing that predicting the market's direction over the long term is possible. So he's buying, at a discount to intrinsic value, great companies that can survive a prolonged recession, and he's ignoring short-term market fluctuations. The trick, of course, is that you need to have both a long-term perspective and patience. You also need to have the opportunity to buy at a discount to intrinsic value. Thankfully, as Wall Street pitifully looks to Washington, of all places, for salvation, plenty of top-notch companies just got thrown into the bargain bin. For those of us with time on our side (at least five years), it may be a good time to do some shopping. I'm not trying to call a market bottom here. I'm not capable of identifying a bottom, but we all have a reasonable shot at identifying undervalued companies that can ride out this storm. Two companies are at the top of my buy-list: First Solar ( FSLR) and Apple ( AAPL).