I still see what I believe are lots of good values in real businesses. This week should have been - IMO of course- a time to reassess, a time to add to positions in good stocks, and a time to sell out of positions where one's fear exceeded one's confidence. That's what I've been doing.
My tactic has always been to try to buy undervalued stocks when I realize they are undervalued (to my mind anyway -g-). Assuming that the market is on a downtrend, and that good, cheap stocks will only get cheaper, my experience is that it is better for me to lag into positions as the stocks I follow decline, than to try to time a bottom, or to wait for a good exogenous event (e.g. lower interest rates) to occur. Actually, I'm kind of used to it, since it seems like the stocks I buy all decline after I buy them, even in a general bull market. I don't like this, but I accept it and try to deal with it -g-. JMO, Paul Senior |
