Yeah, it really is a tough day. For people who tie their emotions to the ups and downs of the market -- and if I'm not careful I can be like that - I would expect that lots of people are in shock or denial. Possibly that includes me. Maybe tomorrow we'll see more panic response. JUST GET ME OUT! (-g-) . In '87 I remember that I just wanted it to be over. But as I recall (not too well), the market was at 2000 or so, so I figured there could only be 3 or 4 more days of 500 point drops before the market was at 0 and the pain would stop. This time, we've got a longer way to fall. But I don't think we'll go to 0 now either.
I suppose this thread will be very popular today on SI (and not because I'm sitting here goosing the number of posts), but because people likely want to know among the good values available now, where might value investors be placing money?
Looks like some ideas on CNBC, but I turned the sound off, so I didn't get so wrapped up in the hype, or excitement, or the overly repeated bad news. For me, I'm basically following the ideas of one of the guys here who said, in effect, why look for new things when what we already own and know about is/are down so much? I've raised some more cash by selling some long term holdings, taking some capital loss offsets (selling NCR) and buying stocks which are near their lows which I've been buying before; or buying those which meet some of my basic bv, rel.price and rel. pe criteria and also have good dividends (at least 3x the S&P500's).
I'm sorry my bank stocks and pharmaceuticals and health care stocks are down and down hard. I see no fundamental change in business with them -- maybe the market multiplier is being lowered because of Asia, Russia, missiles, or something. I would like to believe I can hold on to these stocks, maybe even add to positions as market drops further. I call that an emergent strategy (which could be translated as I hope to heck I don't panic! -g-) This time 'round, I'm not heavily margined, I'm diversified, I've got cash. Now if I just had brains and guts I'd be okay -g-. Paul |
