Friday August 12. Ooh! At least it’s not Friday the 13th! But now we’ve aired our dirty laundry. We fought it out for the principles we believed it, economy and the stock market be damned. And that’s just what we’re made of. That’s the kind of people we are. It’s the way we roll. And now, we will set about building the great industrial, technological juggernaut of the 21st century. It could just be very near the time to invest in America again. So the question is no less than, “What shall we do now? Just throw in the towel?” When we’ve shaken the bugs out, the Dow will take off and run up to 21,000 in five years. It will overshoot its mark, in its enthusiasm, and drop back to 18,500, then recover its footing. You can only run scared for so long. At some point, you must turn, dig in and fight. Take a position in equities now, and hold on. The criteria for choosing stocks do not change. It will be a wild, yet profitable, ride. Nothing has changed, fundamentally. What will they say in a hundred years (with perfect hindsight or course)? What they will say is this: “You see how it is? They were having one of their cyclical crises of confidence, classical buying opportunity! Too bad I was not around then! I would have invested everything I had and borrowed, if I had just known. I’d be rich today. But, alas, I see more clearly in hindsight. I just wish I could have brought myself to have invested in one of these downturns!”
Hard to Predict: Thursday August 11 - 11,143 + 424 , Wednesday August 10 - 10,719 - 520 , Tuesday August 09 - 11,239 + 430 , Monday August 08 - 10,809 - 635
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