We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. All you do is buy shares in a great business for less than the business is intrinsically worth, with managers of highest integrity and ability. If the business does well, the stock eventually follows. The implication here is that if you buy stocks that are selling significantly below their intrinsic value and hold them for long enough, eventually you will profit handsomely, either after other investors realize the company's true value or after you start collecting dividends when the company has grown so profitable that it no longer needs to pump all its earnings back into its operations. While Buffett's statements were largely true when he made them, things have changed significantly over the last few years.
Value still affects price, of course, but now price is starting to affect value as well.
For this reason, a cash infusion can often add more value to the company than its dollar amount, it can save a company from being virtually worthless. For example, if Amazon didn't have nearly a billion dollars in the bank, its market cap would fall by a lot more than a billion. Companies with strong stock prices are able to raise capital more cheaply through secondary offerings. Additionally, due to the tremendous recent increase in volatility, the strength of a company's stock at any given time can make a big difference in that company's ability to raise cash in the secondary markets. Public perception is affected by a company's stock price, and this in turn affects brand strength and customer behavior.