The Dow down 250 points! GE reports dismal earnings. More writedowns will be reported from banks. The world is falling apart. Well... actually it's not. Recession does not equal the end of the world. With all of this bad news out, what am I supposed to do as an investor? This is actually becoming the best time for investors. If you're not worried about the fluctuations that may happen over the next few months, you can get in on some great deals right now. As Mr. Buffett would say, there are some great buying opportunities out there; stocks are getting cheap.

As troubled as the financials are, the worst is most likely over. It is time to start shopping. For example, Merrill Lynch (MER) at $43.68 looks attractive when it was close to $100 a year ago. "Mother Merrill will not peril." Remember that because many investors are afraid of investment banks because of Bear Stearns' collapse, but Merrill is too large, powerful, and doesn't come close to holding the same kind of leverage Bear Stearns had. If you were to buy Merrill Lynch in the $40-$50 range, you will be thanking yourself greatly when the market starts to pick up again. Another stock to check out is UBS (UBS). After reporting a writedown, UBS is poised to go up from here. A $33.82 price seems reasonable when the 52-week high was about $66. My favorite pick for theses times is Legg Mason (LM) $56.12. This company has kept composure in this chaos. They have an upper hand and are currently prowling for new acquisitions. They say it's a good time because asset managers are cheap. Legg Mason is at $56.12, and it was near $100 12 months ago. Double your money in a year or two, I'll take that to the bank.