I'm bullish. that might surprise you if you pecall my writing in January that "we may be seeing a return of the slow, agonizing periods we saw in the 1970s." But as the market has changed-and not exactly slowly-my perspective has changed, too. The Standard & Poor's 500 fell 39% between Jan. 28, the date of that column, and Nov. 21. There came to be almost universal agreement that the global economy is in big trouble. Panic set in. That's when I see opportunity.rnWarren Buffett, who is buying right now, advises us to be greedy when others are fearful and fearful when others are greedy. Is that simple-minded? No, it's just a recognition of the fact that the crowd can become irrational, producing valuations that anyone not caught up in the frenzy can see are too high or too low.
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