When the market wants to bet that the world is coming to an end, the safe bet is to take the other side and bet the world won’t come to an end. After all, what have you got to lose?
– Mannie Friedman, quoted by Jeff Saut, “The Third Mouse Market?!”, October 27
This morning, the government reported a Consumer Confidence reading of 38 – the lowest reading in the 40+ year history of the survey (October Consumer Confidence; BeSpoke Historical Consumer Confidence Chart).
Yesterday, Japan’s benchmark index, the Nikkei 225, hit a 26 year low (BeSpoke Nikkei Chart). 26 years!
Has there ever been a more obvious time to buy stocks than right now?