monnnnnday, page-122

people who have been around equity markets a lot longer than i have called last week one of the worst they ever seen

i cannot find any evidence that suppports a rise in prices near term...other than pessimism seems at an extreme.

i'm sure there are many sitting on the sidelines with plenty of cash to spend but holding back because something inside is telling them now is not the time.

the full scope of losses associated with the alphabet soup of credit instruments/structures/derivatives in america has yet to be revealed.

my sense is that, until that time comes, there's no logic in buying.