Consumer Confidence slid more than in 16 years.  These levels are exactly the same as the early 1970s oil crisis.  Our instinct is still telling us that things could get worse which is why we are in a holding pattern with our stock picks and sitting on a huge cash position (more than 50% of our portfolio with zero leverage).  If we were a mutual fund we would be the darling of The Street right now.

To make matters weirder, we have low inflation and great jobs numbers.  In addition, employee pay is great.  There is no doubt our financial institutions are stalled, so where do we go from here?

One thing to look at is that there are some very wealthy individuals that are losing $billions of dollars right now.  The one example of Bear Stearns is just the tip of the iceberg.  Family fortunes are being wiped out as many many hedge funds continue to close.  In history, these losses have been deferred to the backs of the average consumer.  However, that is not happening this time.  Another amazing opportunity for buying low.

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