NEW YORK ( TheStreet) -- The past week's gut-wrenching volatile market action has stoked fears into the hearts of even the most confident investors. One individual who appears solidly set in his bullish ways, however, is Warren Buffett.On a number of occasions, I have commented on the Oracle of Omaha's unwavering optimistic view of the ongoing global economic recovery. Using a variety of mediums including New York Times op-eds, shareholder letters, and sit-down interviews, the billionaire investor has attempted to ease investor fears, arguing that the world's largest economy still holds promise over the long run. As investors have clamored and panicked following Standard & Poor's' credit downgrade and renewed concerns over the European debt crisis, Buffett has once again taken to the stage in an effort to quell fears. Speaking with news outlets including Bloomberg and CNBC, the famed investor reiterated his confidence in the U.S. marketplace, explaining that the ratings agency made a mistake in slashing the nation's credit rating. Adding a dash of his famed down-home wit, Buffett went as far as to state that, if it were possible the U.S. should have a quadruple-A rating. Buffett's comments may have been enough to instill confidence into some. However, the Nebraska native is not relying on words alone. On top of reiterating his general optimism for the U.S. economy, the investor appears to be taking action, itching to spend cash. Despite resounding market fears, this week investors learned that Buffett, armed with his acquisition elephant gun, was back on the hunt. This time, the investor had his sights set on reinsurer Transatlantic Holdings ( TRH). Over the past year, the famed investor, flush with cash, has made a number of well-documented purchases. In March, the investor dropped $9 billion to purchase chemical maker, Lubrizol ( LZ) and in late June, it was announced that Berkshire Hathaway ( BRK.A) would spend over $500 million to acquire the remaining 20% stake in Wesco Financial Corp it didn't already own. Interestingly, while the Oracle's previous 2011 purchases had largely gone off without a hitch, Berkshire Hathaway's attempt to romance Transatlantic has been met with steep opposition. Berkshire's initial $52 per share offer, valued at $3.25 billion, was turned down at the start of the week despite trumping previous bids offered by Swiss insurer Allied World Assurance Company Holdings ( AWH) and Bermuda-based Validus Holdings.