When earnings are great, everybody knows about it, so what's the discount?

People forget that although we can pinpoint the price, we can only guess at future earnings. The past isn't much help: It simply tells whether a market was pricey or cheap.

When you stop and think about it, if the Fed were to pause, what does it actually do for anybody ... in the afflicted Gulf region? At this point they're more concerned with basic food and shelter and not really comparison-shopping for mortgages.

No one knows what the top-performing asset class will be next year. Lacking this prescience, your next-best solution is to own all of the classes and rebalance regularly.

The stock is now trading at 42 times next year's earnings estimates, a huge discount to where it has traded over the last six months.

I never discount the team part of the tournament. You just never know when you get in that situation.