SmartMoney.com associate editor Jack Hough says now is a good time to pick up Buffett-favored stocks on the cheap.

Jason Simpkins of Money Morning gives us a look of what stocks Warren Buffett is buying into this year. He says that “Buffett didn’t fare much better than anybody else in 2008. But the Oracle of Omaha remains optimistic, convinced that investors who brave today’s fierce financial tempest will be rewarded in the long run.”

The Indian market as measured by the Mumbai Sensex Index is down 22% this year, about 25% below its all-time high reached in January. That’s not very surprising: China is down further (about 35%) and most other emerging stock markets have also fallen. Growth in 2008 seems likely to be slower than in 2007 and there are some signs of a credit crunch.