When I see that the market is plunging on the news of the stalled auto bailout, then I get happy. Yes, that's perverse, but it's true. It means that it's closer to the point of maximum pessimism that Sir John Templeton liked so much. The whole world is swooning! That's great! Bargains for everyone.
I'm not calling a bottom. I have no idea if we're close, but things are starting to look better, that is people are getting more pessimistic. I won't even think of considering a bottom until the the market is trading at a single-digit P/E and many more firms have gone belly up.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment