Hodges Capital Management

History has shown time and again, cycles like this one where the news is overwhelmingly bad, is a time to make investments for the long-term. Its seed planting time. But it is not an easy thing to do. The gravitational pull because of our emotions, is to hide and do nothing, to defer until things look better. In the past, turnarounds are generally up a substantial amount from their lows before it is widely acknowledged that the turn is for real. If the past is reliable, based on the length of this decline, when the turnaround does occur, it will more than likely be swift and dramatic.