Institutions and funds are still going through the de_leveraging and redemption process. De_leveraging is going through at a fast pace right now, while redemptions will take time. Investors have to redemption notices the HFs at least 3 months ahead. Since the LEH collapse, redemption notice amount have increased dramatically, those money will come out of the funds before the year_end.

As far as I can see, bleeding money are trying to get out, smart money are staying on the sidelines waiting, brave money (mostly individuals with the execption of 6D who has avoided the first 30%) are trying to bottom picking.

It is not until the weekend of LEH collapse when I witnessed how the banks\' policies have changed, that I realized how quickly things have deteriorated.

The Fed\'s involvements are like injecting chicken blood (borrowed term from Q)to a dying man, every dose of injection get the man to jump, but shorter and shorter in time and height.

The market has to go through it\'s own cycle, and repair the damage itself.

People are talking about we should be owning real assets right now. Real assets to me are \"patience and the right state of mind.\" :-)