If the economy truly double dips, the markets will be in a period of pain for a long and protracted period. Extreme opportunities will be available for weeks, months and potentially years.
Conclusion
Don't rush my analysis. Look at one company at a time. Stay focused. Don't let the emotions of others or the environment rush my decisions.
Strategy
My strategy is to find great companies at 10-15% free cash flow yields. If it goes to 15-25% yields, then make it 10% of the portfolio.
In the mean time, I'll keep 1-bazooka shot (~15% of the portfolio) available to buy a basket of goods when the market ultimately capitulates.
In the mean time I sit waiting with 70-80% cash (slightly higher as I've started liquidating the Japan basket).
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