The Least Exciting Market Crushing Play

"There's a group of guys out here who don't worry about cause and effect because there is no real effect." -- Anonymous NASCAR driver in ESPN the Magazine The unnamed racecar driver was talking about advances in car safety that make some drivers feel invincible. The result: excessive risk-taking that eventually leads to tragedy. Many of us investors also felt a false sense of security as the market rose sharply for the past two years. But our riskier positions are feeling the consequences today in a declining market.