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Buffett says don't put too much stock in Icahn's market 'reckoning' warning

The dire prognostication from Carl Icahn about a "day of reckoning" in the markets should not be taken as gospel, fellow billionaire investor Warren Buffett said from Omaha, Nebraska, site of Saturday's annual meeting of Berkshire Hathaway shareholders.

"There are probably, this is the most wildest of guesses, there were probably 50,000 people or more today that bought stocks … and 50,000 people who sold," Buffett told CNBC in an interview that first aired on "Squawk Box" on Friday. "So I don't know that I would pick out any one of them and put too much weight in what they did."

Icahn also said Thursday on CNBC the Federal Reserve's prolonged low interest rates could create "tremendous bubbles."

Responding to Icahn, Buffett. the chairman and CEO of Berkshire Hathaway, took a more philosophical approach.

"Interest rates act on asset values like gravity works on physical matter," he said. "If you had zero interest rates and you knew you were going to have them forever, stocks should sell at, you know, 100 times earnings or 200 times earnings."

Buffett acknowledged rates have been...