Even if it was true, it is still an appeal to authority (specific type of non sequitur). A logical fallacy based on the proposition that by virtue of his success, Buffet is infallible.
It's like saying, "Einstein said X, and Einstein was a genius, therefore X is true because Einstein (a genius) said it."
This sort of flawed reasoning is typical in people incapable of doing much more than repeating what they have heard or learned by rote. Basically, these are your target customers in AM. People who repeat what they are told by someone they regard as an authority (Obama, Bush, Oprah, Buffet, Gates etc) and display little skepticism or intellectual inquiry of their own.