As for Warren Buffett, all I can say is the proof is already here. The major moves in these packaged-goods stocks are happening before our eyes. How can that not be bullish, per se? And that's really the issue for me: Takeovers bring new money in to stocks and make other stocks rally. Takeovers also demonstrate, in these cases, that the smart money is buying, not selling, as I genuinely think that the people on the buy side are known to be smart to a person. If things were getting worse, they would be sellers, not buyers. They would wait for dips and not just go out and buy. If anything, these deals verify that prices are too low across the board given the variety of industries involved. You truly have to twist the logic otherwise to reach a different conclusion.