Approaching $7.20 Slowly, page-29

I never put too much faith in what the market says. But I will say this, it is much more likely (infinitely so) to be closer to rational, after the panic, than during.

Also, many analysts and observers take a somewhat static view of stocks (I prefer to use the word 'businesses') when assessing them - over focusing on current circumstances. Competitive advantage, and what it means for future industry position, can often get lost in all of that. If it wasn't for the occasional crisis, it would be much harder for the strong to get stronger (or think some cliche about tides going out and nakedness).