The world’s most admired investor Warren Buffett has said, financial panic, which gripped the globe last year, is now over. He said, though the US economy is still struggling to come to terms with the recession, capitalism is still alive and well despite lingering shocks from the longest recession since the great depression. Buffett was speaking at Colambia University’s Business School. Microsoft co-founder Bilgates, who also addressed the gathering, said the fundamentals of America’s capitalist system remains sound despite the recent melt down.