In the midst of people selling their stocks as market values touch the nadir, legendary investors Warren Buffett and George Soros are swimming against the tide and shopping for stakes in companies worldwide. Even as the economic crisis ravages global markets, the two billionaires are making investments in firms from America to Australia that are expected to yield long term benefits.

As Buffett wrote recently in a newspaper column, a simple rule dictates his buying, 'Be fearful when others are greedy, and be greedy when others are fearful.' Recently, he invested about $ 8 billion in two American corporates. The legendary investor earlier had pumped $ 5 billion into battered Wall Street giant Goldman Sachs and another $ 3 billion into diversified conglomerate General Electric.

According to reports, Soros snapped up a five per cent stake in Australian firm Sphere Investments. The company is reportedly looking to develop a multi-billion dollar iron ore mine in Mauritania. In October, Soros acquired over five per cent of Australian mining firm Legend International. The deal is pegged to be worth more than $ 8 million.

Buffett has bought preferred shares worth $ 5 billion from Goldman Sachs, which would infuse much needed capital into the firm. In addition, he has acquired preferred stocks worth $ 3 billion dollars in GE.

Amid the financial turmoil, the investor is not only just acquiring stakes. Last month, writing in The New York Times, Buffett said he has been buying US stocks.

'The financial world is a mess, both in the United States and abroad. Its problems, moreover, have been leaking into the general economy, and the leaks are now turning into a gusher. In the near term, unemployment will rise, business activity will falter and headlines will continue to be scary. So... I've been buying American stocks. This is my personal account I'm talking about, in which I previously owned nothing but United States government bonds,' he wrote in his column.

Further, the legendary investor pointed out that if prices remain attractive, his non-Berkshire net worth would soon be 100 per cent in United States equities.