I like to go hunting for bargains in off-the-beaten-path places, and
particularly in areas of distress. When a figurative financial bomb goes off, I
like to run towards it.
This is not an exercise in financial masochism. There is a
logic to this eccentric proclivity. If you take a look at a long term chart of the S&P 500, it
is fairly obvious when the best times to buy were – they were during recessions and/or financial crises (e.g. 2000-03; 2008-09). That was when the best bargains were to be found. One
option is to sit around and wait for a once-in-a-decade market downturn. Another is to actively seek out parts of the world where downturns are already in
motion.
