Recently the Wall Street Journal interview Michael Lewis, author of Panic: the Story of Modern Financial Insanity. I believe his concluding comments are very timely and profound:

“We have entered a period of risk aversion unlike anything we’ve seen in our lifetime. Investors will be too wary for a while. You’ll read stories about people who got rich betting against subprime mortgages and then about people who combed through the wreckage and found bargains. The next rich wave will be those who figure out where the value is (emphasis added). As for the average American investor, he’ll be a deer in the headlights for years. It will be a while until greed gets comfortable again.”