Agreed. Patience is essential because it serves as the watchdog of your cash - the most important friend you can have during these times.

I agree about XOM Guy. They're tapped out for at least a while. Even if oil was still at $140ish, it would be very difficult for them to meet the earnings growth needed to push the stock back up to highs. Of course this is why they plan to sell off the lower margin retail stations - a good move to boost overall margins but ONLY if they use that cash to repurchase stock.

As for this market, I haven't been around quite as long as Miller, but surely the 2001-2003 period would have to be second toughest for him. It was certainly the toughest for me, but I've learned much since then. For me, this market isn't as bad as the previous bubble meltdown. It's all based on understanding what's going on with the bubble economy and being in the position to exploit it. Surely for those who hopped aboard the commodities and gold train in 2001 or even as late as 2005, it's been a sweet ride.