Thanks for the links Tom. The important thing this down cycle has reminded/reinforced in me to never forget the cyclical nature of the financial world. To always look at things through the lens of history rather than a narrow focus of today. Mike Klien and MDCigan posted some references to mean reversion of S&P profits on the Liquid Lounge. What I found amusing is that these guys, Katsenelson and Hussman not Mike and MDC, present these ideas as new.

I got up very early today so I could shuffle some deck chairs around on the Titanic, my portfolio. FWIW which is zero, I sold half of my largest position, CVTX, and pumped that into GE and FACT plus I held some cash back to support selling Puts on LUK.

I say goofyhoofy's sold out post of the day and thought we must be getting close to the bottom. Even if not, I like to stick to my knitting of selling fairly/overvalued companies and buying undervalued.

It's hard being so removed from the US at the moment. Things are still very rosy here in Australia. Our Reserve Bank is even talking about sidestepping a recession.