[dmv]

He did not say 'buy an index fund'. In an average investing environment, the argument for buying the index and not individual stocks is sound. However, buying in this market -- and to take advantage of the blood on the street -- is the individual play. Many companies will not make it, or will not make it without massive restructuring, or with much lower market share. But for a value investor, some companies with real moats and real protection have now been priced (by the overall market) into value.