The S&P 500 index suffered a net loss of $180bn, or $20.70 a share for fourth quarter, according to S&P.  This is the worst performance ever, with records going back to 1935.  Apparently, analyst’s forecasts are not yet conservative enough for first quarter either…look out below!   See FT article

In an article on SeekingAlpha, the writer says,

“This cycle will turn when the cash flow yield of assets reaches levels people can make money on in the worst environments; where equity funds new projects with no debt, and the profit is obvious.”

We agree.  Investors will of course jump in when it’s a no-brainer… but we can’t shake the feeling that there are some of those opportunities out there right now – we just need to find ‘em.