Just got back from Diggers (trembling hands, furry tonge and cold sweats!)and I can tell you that there is quite a bit of concern about the general state of play and the general concensus is that there is still a fair bit of pain to come unfortunately.
On the flip side of this, even the bearish of bears agreed that many quality companies are now trading far below fair value and that if you were taking a long-term view (and had any ammo left) then it was probably time to start gradually wading back into the market over the next 3 - 6 months.
Plenty of hand grenades are left unexploded unfortunately - in particular the Alt A mortgages in the US which we will be hearing a lot more about in the coming weeks/month.
I even had a couple of people predicting a run on banks sometime this year - In Australia!!! Now thats pessimism!
