If you do any real investing, which I do, invariably someone (usually a family member or ex-wife) will ask whether they should be buying now that stocks are so cheap. Of course, the counter is, what stocks? Some are not so cheap and others have literally had their bottoms drop on the sidewalk.

My answer usually invokes Warren Buffett's "cigar butt" philosophy. Frankly, I like Buffett and I admire what he has done, or not done, as the case may be. So consider this:

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access