Down and Out in New York, and Everywhere Else
As George Orwell put it, “It is a feeling of relief, almost of pleasure, at knowing yourself at last genuinely down and out. You have talked so often of going to the dogs – and well, here are the dogs, and you have reached them, and you can stand it. It takes off a lot of anxiety.”
If that holds any meaning to investors at home and abroad, it’s to those anxiously waiting for the bottom:
The bottom of stock markets, the bottom of housing and credit markets, the bottom of ambiguous recessions muddled by GDP reports.
Perhaps Orwell would top even Warren Buffet as an oracle.