Introduction

In March 2009, the world stock markets unveiled a tremendous opportunity for bargain hunters. March 9, 2009 represented a new low in the 2007 through 2009 bear markets. To be more precise, the March 9 low represented a 57% decline in the S&P 500 from its previous high in October 2007. On a personal note, March 9, 2009 was a particularly exciting time for me. On that day, I sat in a hospital delivery room, simultaneously entering buy orders on my laptop and awaiting the birth of my daughter. To be sure, buying cheap stocks falls far short of becoming a father among life’s precious moments. There is no comparison. Still, the gravitational pull of a bargain hunter to inexpensive stocks can overcome many obstacles, including a less ...

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