Buffett - buying stocks because of intrinsic value?

When asked if he agrees with Federal Reserve Chairman Ben Bernanke's comment this morning that the recession is probably over, from a technical standpoint.He answered :

"I don't know the answer to that ... and I don't worry about it too much. We're buying stocks this morning, I can tell you that. I'm not buying them based on whether we're coming out of the recession in three months or six months or a year. I'm buying them because I think we're getting good value over time. And I think it is a mistake for investors to focus on business forecasts instead of looking at the intrinsic value of the business." -- Warren Buffett

My question, is: if you do not know the intrinsic value of the dollar, how can you focus on the intrinsic value of the business. Are Buffett's furniture stores a good value, how about chevron with oil at 140 or Well's Fargo?

I am losing more and more respect for Buffett every day. It really seems like he is stock promoter. I always though that he had more character than that.