[DanielBMarkham]

Found it. It's from "How to be Rich" which I finished last week (after getting a recommendation from another HN'er -- good book!)

(Regarding the May, 1962 Crash)

"I told them quite frankly that, while I sympathized wholeheartedly with anyone who had lost money because of market developments, I saw little if any reason for alarm and absoutely none for panic....I said I felt that the stock market was in a much healthier and certainly in a much more realistic position because of the long-needed adjustment in prices. As for what I was doing, the answer was simple. I was buying stocks...Most seasoned investors are doubtless doing much the same thing. They're snapping up the fine stock bargains available as a result of the emotionally inspired selling wave." [page 152]

Perhaps there's some difference this time around, but I doubt it. I imagine old J.P. would be saying the same thing today if he were alive.