When to buy

Fear spreads instantaneously. Confidence comes back through the door one at a time. I try to buy a dollar for 60 cents, and if I think I can get that, then I don’t worry too much about when. A perfect example of this is British Columbia Power. In 1962, when it was being nationalized, everyone knew that the provincial government was going to pay at least X dollars and you could buy it for X minus, say, five. As it turns out, the government paid a lot more.