With widespread economic and financial turmoil it appears little is working with few places to hide. Fear, uncertainty, seasonal tax loss selling and the desire for instant liquidity overhang the marketplace. As a result, many stocks continue to trade at extremely depressed levels. In numerous cases these share prices represent extraordinary discounts to rational valuations and fundamental worth. Nonetheless, one cannot fight the tape. It is our view that once financial markets acquire some sense of stability, significant capital appreciation will follow.
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