Manarin Investment Counsel, Ltd.

The true valuation of the market is no where near as dismal as the aggregate earnings reported by Standard & Poor's suggest.  When portfolios of stocks are weighted by market values, the market is cheap by historical standards.  No one can say for sure whether March 9 will mark the bottom of this dismal bear market (I personally think it will), but I am sure that investors who hold a diversified portfolio of stocks today will be rewarded by above-average returns.

- Jeremy Siegel, Ph.D.