Was it the scotch or the market?

I spent a beautiful fall day at a Prep golf outing at OCC. I played decently and felt good as I left the club after good camaraderie, tasty food, and a few cocktails. The world was good. Then I arrived home. The dog was glad to see me. Then I turned on the computer and CNBC. What a terrible day.

I am eternally grateful to be mostly in cash equivalents as my equities took a beating. The television is telling me that we will see another vomit inducing day tomorrow as AIG bites the dust. WaMu and Wachovia are in queue and they will be the subject of panic soon. The big scare will be determining the impact of all of the derivatives, swaps, and insurance contracts and guarantees written by AIG and Lehman. It’s about to get scary. capitulation can’t be too far away. it may soon be time to buy, but not yet.

In the meantime, this morning I bought more Wrigley with additional cash that i had available. WWY has been trading at $79.50 and will be bought by Mars at $80. It traded off .50 in the early mornig frenzy. We’ll get that .50 back soon and another .50 in the next 60-90 days. This isn’t exciting, but I’m not going to lose money on WWY and I want to have money for stock purchases when all the credit disasters shake out.