How To Bottom Fish

A tumble on the Dow can be a great chance to buy

Sometimes you have to forget about the Dow and all the other averages and indexes. You have to forget whether the market is rolling over or about to dive 1,000 points. In fact, you have to forget about "the market" altogether and remember that you're buying stocks of individual companies--or, if you're in mutual funds, that you're paying a manager to know and buy those companies for you.

The market's craziness last week brought that lesson home to me. While everyone knows the troubles that left the market vulnerable--Asia, Lewinsky, stock prices that are historically high relative to earnings--what set off...

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