Can you read? He specifically said he is not trying to guess the bottom. You obviously have no idea what investment is.
You're pretty stupid aren't you? Do you know even anything about Value investing? Damn you are a moron.
Well, I have Intelligent Investor, Security Analysis, and Buffett's letters to shareholders for the last 30 years or so. I'd say I have a reasonable idea what Graham and Buffett's approach to investment is. How about you? By the way, your claim of Graham never bottom-fishing is totally incorrect. He was long during the 1930-32 bear market for example.
Ignore Buffett Trust Barton Biggs Biggs said Buy at Dow 8378 , CSCO at $16.31 (today CSCO at $18.31 )and PG at $58.87 ($63.23 today) October 24, 2008 17:21 EDT Barton Biggs Says U.S. Stocks Are `Very, Very Cheap' (Update2) Oct. 24 (Bloomberg) -- U.S. and European stocks are ``very, very cheap'' after the Standard & Poor's 500 Index lost 40 percent this year, the worst annual drop since 1931, according to Barton Biggs, managing partner at hedge fund Traxis Partners LLC. ``U.S. and European markets have blown out to record levels of attractiveness versus bonds,'' Biggs said in an interview with Bloomberg Television. ``We're at very, very cheap levels.'' ``One of these days, even if the world is going to hell, we will have a tremendous run-up,'' said Biggs, 75. ``There is an extreme level of pessimism and almost despair. As long as I have been in the business, those have always been good signs.'' The investor said large, ``high-quality'' U.S. companies including Cisco Systems Inc., 3M Co. and Procter & Gamble Co. are the cheapest in the world. ``And if you've really got the intestinal fortitude, these emerging markets have been absolutely crushed,'' he said. http://www.bloomberg.com/apps/news?pid=20601087&sid=aBTL.Wro3MEQ&refer=home
Currently the market cap to gdp ratio in some European markets can be as low as 25%. I am a buyer and expect to sell when market cap to gdp ratio returns to the normal or even optimistic levels (75% and above). The US stock market has a far higher ratio than those extremely low levels (something like 80%) but then again US stock market had always a premium because of the higher quality of companies.
Buffett bot GE when it traded at low $20s just a few weeks ago. When I looked at the GE price chart, gee, it was moving in a strong down trend and I could not see a meaningful support until $5 ~ $10 on the chart. Today GE is around $12... Buffett's billion vanished. Buffett should have consulted me first, too bad.