The Anglo-American societies, somehow, always come together in times of crises to solve problems.
In 1778, a student came running up to THE Adam Smith, the philosophy dean at U. of Edinborough. The student was crestfallen due to the defeat of the English forces at the Battle of Saratoga... the turning point in our Revolutionary War.
The student shouted in anguish: "England is ruined". To which Prof. Smith replied; "There is a lot of ruin in nations".
The 1962 Commencement speech at Oxford was given by Churchill. The old man was in his late '80's. 2 Assistants helped him get to the podium. THE DUKE of Blenheim said: "Never, never, never, never..give up" and, sat down.
We'll(BP, included) get thru this current brush up. Of that, I am sure.
When 3 out of 4 gurus say things are looking so bad, but could get worse, it is time to buy. If you don't believe me, just ask yourself why almost every bank made the same mistake while they employ all kinds of gurus and analysts. I have been buying all kinds of financial stocks at 90% discount lately and have been doing very well. I strongly believe that the market has bottomed out and will begin bouncing back starting next month. Septembers are usually bearish, but election years are strongly bullish, so if you won't get wiped out this month, you will come out smelling like a rose by the end of the year. I am bearish on oil stocks though. Come and join my group at finance.groups.yahoo.com/group/thebullteam/
I have been buying all kinds of financial stocks at 90% discount lately and have been doing very well. I strongly believe that the market has bottomed out and will begin bouncing back starting next month.
My question is what sort of advice do you give to the guy who is already all "bought up" and has no reserves at this point and may be facing margin calls.
Incidentaly, this may be the position that many hedge funds are in.
I don't know how many of these "financial armageddon" articles I've seen in the last decade. It's sort of like the universal opinion a few months ago that oil was heading to $200 a barrel, or higher. I didn't buy that and I'm not buying this, even from as savvy a guy as Bill Gross. The world's economy is going to get through this hiccup as it has since the Depression. This is a GREAT buying opportunity, for BP and for other stocks. Throw a dart at the Wall Street Journal and buy whatever the dart hits. You're guaranteed to make money. I can't say exactly when, but the return will be worth the wait.