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Where there is a downturn, there is opportunity

Where there is a downturn, there is opportunity I am fortunate that occasionally I can catch up on paperwork while working in my office at home.

During one of these recent times, I turned on the TV to catch the weather but first had to listen to how the stock market was going to open dramatically lower.

There was a prolonged period of the announcers shouting the news you could watch. It was mesmerizing to look at the ticker crawl across the bottom of the TV screen. Pick a stock, any stock, and it could be up a $1 and then down $2, up $1, down $3. After about an hour, I realized that this was about as productive as watching paint dry. Not that I turned the TV off, I just turned the sound off.

It was later that I remembered the adage that you can make money in an up market and in a down market; you just need to know where to look for value to help facilitate your objectives. Two months ago the market was north of 11,000, and as of this writing in late October, it was less than 8,500. Many media stories are talking about people who are converting their retirement accounts to fixed-income investments and bailing out of the market. Nothing like locking in your losses—and without the tax benefits of long-term capital losses.

Parallels to contract packaging

I dare say that the same thing is or will be happening in the contract packaging industry. Most companies will be facing harder times in 2009 than they did this past year. Some owners will decide that now is the time to get out. But this is the time of opportunity for those who are looking for bargains.

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