Tobacco is the best performing industry in every single bear market,

Ordinarily, we would have a technical bounce at this level. But then the question is, have you seen a bear market bottom? I don't know if we have at this point.

When you say the stock market is overvalued, you imply that the stock market is going down. But there is a touch of lunacy in every bull market -- stocks can become even more overvalued. A rational investment policy in an irrational world is suicide.

The most important thing is that the stock market had declined to levels that were arguably undervalued, and that many aggressive managers also realized there was a great deal of pessimism.

They'll only be limited by what the market can bear.

During those years, a market used to last about 9-10 months. In 1990 we had a bear market which took 3 months.