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Obviously, no one knows when the market is going to bottom out, and I am certainly not an economist.

We really believe in the earnings. We're very proud that often we do well in the down market. But you know, there are some markets where they just lose liquidity, like 2001, 2008.

But then in April of 1985 the dollar began a sharp decline. The dollar's trade weighted value fell 23 percent in just 12 months and by a total of 37 percent by the beginning of 1988.

Bottoms in the investment world don't end with four-year lows; they end with 10- or 15-year lows.

I'm well-travelled so I can see places coming up. I went to St. Croix in the West Indies at Christmas and it had been hit by a really bad tornado. Values there have gone down but I guarantee they will be up again in eight years. So I'll get in now while it's cheap as chips.

It's only when the markets are perceived to have exhausted themselves on the downside that they turn. Trying to prevent them from going down just merely prolongs the agony.

You know, oil prices from 2007, on the strength of a very robust global economy and a very robust emerging China, many of you will recall, ramped up to near $150 a barrel. Then we had the financial - U.S. financial collapse. Oil prices collapsed all the way down to $40 a barrel.

We've lost 400,000 jobs in Michigan because of downsizing.