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:
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