So ... I’ve been buying American stocks.

A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful.

Today people who hold cash equivalents feel comfortable. They shouldn’t. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.

Wayne Gretzky’s advice: “I skate to where the puck is going to be, not to where it has been.”

What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up.