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September 15, 2008
Gone Fishing
As I alluded to last night, I'm out for most of the day today. My early impression of today's opening is that it's about as expected: Markets think this is bad, but not horrible, and they are trading sharply but not disastrously down. Rumors are helping, including the usual "Warren Buffett will help!" are being yanked out, like Linus's security blanket, so I refuse to take much of the non-price chatter seriously.
My take: As usual, the initial reaction to major financial market events, while interesting, is more emotional than substantive. Untangling the consequences of today's once-in-a-lifetime unraveling will only be seen over the coming weeks and months. We have insidiously complex and interconnected markets, and the old days of being able to readily detect all the co-moving parts are long gone.
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