Volt and XJO followersI've been sitting in a company Board...

Volt and XJO followers

I've been sitting in a company Board meeting all day in Melbourne and, like everyone else in the meeting, I had one eye on the markets via my laptop. As the market was plunging I was about to regale all and sundry with my tale of shorting SPI weeks ago when the phones started ringing (or vibrating really, as they were all on silent.) The phones just kept going off all day - margin calls every one.

Well, I've never seen so many stony faces by the end of the day (except perhaps at a funeral.) It really sunk into me then just how much these last couple of days are going to curtail a lot of discretionary expenditure and confidence in families all around the country.

Now these guys in the meeting I don't feel too sorry for because it wasn't long after the markets closed when the conversation turned to whether this is a good time to go bargain hunting. Much of it was bravado I think - these guys were rattled and they are all wealthy individuals.

Capitulation might not be too far off?

Hope everyone is ok and survived the day in fair shape.

- HBG