Buying at the Point of Maximum Pessimism: Six Value Investing Trends from China to Oil to Agriculture

Chapter 1. The Fed Sentences the Consumer to Debtor’s Prison

If you approached someone on the street and he was old enough to recall where he was on November 22, 1963, he probably could tell you what he was doing at the moment he heard that John F. Kennedy had been shot. The same could be said for people of many different generations of their ability to recall profound historic events ranging from the fall of the Berlin Wall on November 9, 1989 to the terrorist attacks of September 11, 2001. On the other hand, if you asked someone what he was doing on June 25, 2003, you would likely get a blank stare. That is because unless you were employed in some finance-related business, or were a regular observer of the financial markets, the day the Federal ...