Going down with the great ones?
I got bullish on asset management firms when I saw how many of my favorite money managers, gurus, and other value-oriented geniuses were stocking up on C, LEH, GS, etc. On a day like today I have to wonder when the bleeding will stop.
But I remember: these great gurus earned their records by buying good stocks at good prices and holding on to them until the market's long-term rationality paid off. A lot of geniuses are looking dumb right now, but most of them will hold on to their stocks and, if history is a guide, be sitting pretty a year or two from now.
I've been here before too... in real life. After the big crash of 6 years ago my portfolio was in shambles. I looked at my stocks, let them be, stopped tracking my portfolio for awhile while I calmed down, didn't make any buys or sells for three years.
During that time I absolutely CRUSHED the market.
And actually, though I have lots of financials in CAPS (and I be hanging on to 'em, pardner), I haven't bought any for my real portfolio (which is still soundly beating the market) since I have more ideas than money. I'll be looking at them really closely come mid-October though. Maybe I can turn my CAPS loss into a real-life gain.