Subject: Re: Brk up again, does anyone have a clue
"Panic."
...
Great description. Many here were victims.

It's probably fair to say that panic is never useful.

At the same time, it's also fair to say that being bullish at all times is foolish.

In spring 2000 I figured I had better things to do with my money than be long a broad equity index, and the S&P 500 had zero real total return for the next 13.1 years. Today rhymes just a little bit, and presumably there is a reason that the $325bn of cash isn't burning a hole in Mr Buffett's pocket...if there is any good time for just a pinch of panic, it's probably at market tops, not market bottoms.

Jim