S&P 500: 1,128 (only -3.24% after falling intraday over 8%)
I'd be lying if I said I didn't have the evil "muah haha" laugh in my head today as I watched my short position lurch 8%+ today (and ultimately pullback). I don't expect tomorrow's performance to be anything like today, and if I had to bet on a direction I'd probably say up.
That said, to paraphrase WEB, I have no idea what the market will do in the next day, month or year. The game I play, is that I look for small, cheap companies at 10x or under free cash flow (mostly looking at companies under 6x free cash flow unless management is active in paying out the cash or it's an amazing business) that make a lot of sense to buy and don't warrant the corresponding 10% yield equivalent. There's less competition and the returns can be disproportionate with the uncertainty taken.
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