These are the times...

In the winter of 1776, when the American Revolution looked like it might be totally defeated, Tom Paine wrote a pamphlet which began with the words “THESE are the times that try men’s souls.” He could have been talking about the stock market the past eight weeks.

By the way, the Revolution recovered, as you probably know. The market will recover too. It always does. And anyone who says it won’t recover is saying “This time is different”, and you should greet what he says with suspicion. Let’s just hope that the recovery is sooner rather than later.