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Originally Posted by sailhog
Wind,
I heard Bob Pisani concurring with you this morning... somebody else went on to say that the big vix # and resulting "capitulation" would wash out everyone "with a weak hand." Brutal stuff... it's a take-no-prisoners kind of market. I think this is one of those truely large scale, way-of-life-changing moments in national life. Goodbye Navigator, hello Vespa Scooter! Lotta people believe the airline industry is going to become significantly smaller over the next few years.
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To quote one of the best books ever written on the subject, "The Intelligent Investor", Benjamin Graham 1949, in his notoriously understated way ...
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"Investors have lost a great deal of money in bonds that turned 'sour' - especially in the field of railroads and real estate. Yet even here, if in the first instance the investments had been made with an eye to their ability to withstand adverse change and if their position had been reexamined at regular intervals, either there would have been no great shrinkage at all or most of the loss could have been shifted to less alert and intelligent investors. (The convenient impersonality of the securities markets relieves such a transfer of ethical taint)."
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