Find myself wondering what's the purpose of spending the time on research and getting know a few companies when the market no longer values those attributes?
It's difficult, isn't it?
The market is unfeeling, uncaring, unemotional. It just is. It doesn't care about what we do or the quality of our research. It simply ebbs and flows.
I wouldn't despair over the short term, however.
The trick IMO is to get a good fix on fundamentals, then invest in companies which are best of breed and will best express the fundamentals. If the fundamentals in a particular sector are unattractive, abandon the sector.
Getting a good fix on fundamentals is really not too difficult. In the case of energy, the most fundamental fundamental, vbg, is obviously Peak Oil. Remember the discussions this board has had about that now seemingly forgotten issue? Well, it hasn't disappeared.
There will of course be many twists and turns. The price of oil will eventually express its value as Peak Oil makes itself felt. That is why I like energy.
How anyone approaches these matters is their own business. But when it seems obvious that when demand destruction caused by slowing economic growth is on the horizon, one should batten down the hatches, reduce holdings and act defensively.
Easier said than done, I'm afraid.
I 'defended' by going to lots of cash and gold. The cash is Ok, don't ask about my gold.
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