Buying at the Bottom of the Rally

One of my repeated themes that hopefully rhymes from cycle cycle is the belief that it is folly to think you can buy at the bottom. The bottom is the day before the rally starts, so how can you know that Tuesday was the bottom? On the way down, pessimism is still increasing and you can buy a lot. We didn't wait in the fall of 08 till we got to something at theBottom. My memo of that time to investors in some of our funds called current developments allowed for the fact that things would probably go down more.