The market needs to establish periodic lows by which to produce enhanced recovery returns. The unfortunate part is that most investors pull out in markets of today and buy back in when headlines are robust. Fortunately, at RBA we have not yet had a single investor pull out. A wise professor once told me “Buy on bad news, sell on good news.” We have a lot of bad news, although, fortunately, it is not directly affecting going-concern values. I am very confident that the lows of 2009 are not retested in this cycle and that the rebound when it starts will occur quickly and establish new market highs in North America that are fully supported by the business models. Let the market be afraid, while you are smart.