I've decided to stay the course, so am either a genius or an idiot. Time will tell. In the past few days, I have bought 200 shares of Goldman Sachs and 300 shares of Johnson & Johnson (JNJ). Warren Buffett is known to be accumulating those two. His deal with Goldman gives him an option for $5 billion worth of common stock at $115 a share. It's trading well below that price. Also, he was attracted to JNJ at a price of around $62, and it could be had this morning for around $55. The chance of being able to acquire something Warren Buffett wants, at a price below what he paid, is practically nil. But consider that just an observation, not a tip! This whole thing is going to be a wild ride, maybe for years. They say the dumb money changes hands in the morning and the smart money trades at the close. The market started out down, what, 700 points? And it looks like it's going to close with a small, positive number. A lot of people rushed to their computers this morning to cash out, and basically handed their hard-earned assets over to someone else at fire sale prices. I'm delighted with JNJ. Shoulda bought more. They say mutual fund statements will probably be in folks' mailboxes this weekend, so there might be another round of selling. Maybe there will come a second chance. Warren Buffett says to be greedy when others are fearful and to be fearful when others are greedy.
O.C. HOUSEHOLDER
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