“It’s a classic example of the fact that you need to buy the umbrella before it rains,” says McLennan. “By the time you’re hunting around for an umbrella in the middle of a storm, it’s pretty difficult to find one. So having the right mindset in advance was critical here.” While others panicked, he was also able to invest in battered stocks “at prices that were now much more sane.” He observes, “It’s not enough just to be conservative. You need to be willing to put cash to work when others feel least comfortable doing it.”
