"If you think you can dance in and out [of the market] and buy and sell stocks, you ought to head for Las Vegas. I mean, you can't do that," Buffett told CNBC’s "Squawk Box". "I know what markets are going to do over a long period of time: They're going to go up. But in terms of what's going to happen in a day or a week or a month or a year even, I've never felt that I knew it or could come close to predicting it, and mostly, never felt that was important," Buffett says. Buffett has also likened buying stocks to owning more tangible assets. "If you own stocks like you'd own a farm or house, you don't get a quote on those every day or every week”. "Some people should not own stocks at all because they just get too upset with price fluctuations, and you're making a terrible mistake if you stay out of a game that you think is going to be very good over time because you think you can pick a time to get out, and a better time to enter it,” Buffett says. As Buffett famously said, "Be fearful when others are greedy and greedy when others are fearful."