Friday, July 27, 2007
We have nothing to fear, but fear itself.
When the market corrects a quarterly move in one day, most people get the feeling we are heading for some kind of disaster. Because of electronic trading and globalization of markets, what is happening is an overnight readjustment of risk. In the past, this would take months, the past 2 years we have seen it take days. I would use this opportunity to pick up battered names that are still in uptrends.