Yup.
Ol' Warren is a smart guy. I think it was he who said it, but one of the best quotes I ever heard was "Never buy anything you can't explain to a ten year old" which goes to his avoiding Tech companies.
Another was basically, if you liked a stock at $10 (or whatever) you should love it at $8 (or whatever) - basically don't freak out because share prices are down.
It's true that trees don't grow to the sky, but healthy trees don't just whither and die, either. There is plenty wrong with this economy, and this country for that matter, but freaking out on day to day or even year to year fluctuations in the market will make anyone crazy.
Go to any finance platform you care to, Google, Yahoo, Bloomberg, whatever, and open a chart for the DJIA. Open it for a one week period. Looks scary. Open for a year. Still looks scary. 5 years, not too bad, ten, not bad at all. Open it for 50 years and it looks like what's been happening is a mere blip.