Imagine someone giving one single piece of investment advice in his lifetime and absolutely nailing it, pronouncing a buying opportunity at one of the greatest inflection points in history, just before large cap stocks doubled and small cap stocks tripled.
Although it’s not widely recognized, that’s exactly what President Obama did on March 4, 2009.
As you no doubt recall, we were at the tail end of a months-long financial panic that wiped away trillions of dollars in assets. The Dow had collapsed from over 14,200 to nearly 6,500. Depositors were yanking money out of local banks. Even sophisticated investors and hedge fund managers were frightened and reluctant to act.
Then President Obama strode up to the microphones and uttered those immortal words, “What you’re now seeing is profit and earnings ratios are starting to get to the point where buying stocks is a potentially good deal if you’ve got a long-term perspective on it.”
— The Option Specialist