President Obama, for his part, asks us not to concern ourselves over market "gyrations."
And if he were with us right now, perhaps the president would suggest that we pay no attention to Ross' charts.
Some are wondering what the president is talking about when he states that the market is getting closer to the point where buying stock is a "good deal." I think The New York Times interprets him correctly (emphasis added):
I'm not sure what role he thinks profit and earning ratios have in the big picture, admittedly. Some individual companies continue to perform well and might therefore represent a wise investment.
The president did not offer any specific stock tips, but suggested that he believed the market might be close to its low point.
“Profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal,” Mr. Obama said, “if you’ve got a long-term perspective on it.”
Granted, every stock market drop can be seen as a step closer to the low point. One doesn't need to be a Barack Obama to figure that one out. But the important thing to an investor remains the return on his investment. We don't yet know that the economy remade with hopenchange will offer investors an attractive option. Nor do we know that U.S. companies can turn profits as they once did under the coming set of policies.