Flight to Safety Takes Off

This column was originally published on RealMoney on March 1 at 9:36 a.m. EST. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

Don't you think it's amazing how quickly panic spreads? I always find it incredible, that way we simply can't control our instinct to sell all those companies we liked so much last week.

I mean, do we really believe that Bank of America(BAC Quote) should yield 5%? We must if we're about to sell it here.

Do we believe that Goldman(GS Quote) should sell at 8 times earnings? Yes, if we believe that the earnings are phony.

Do we believe that Alcoa(AA Quote) will never get a bid? Or that Dow Chemical(DOW Quote) is worth nothing now that it hasn't?

I guess I have seen too many of these selloffs. I look at a Microsoft(MSFT Quote) or a Cisco(CSCO Quote) and I think, "Wow, nice sale."

I don't look at it as the 150% leveraged hedge fund manager anymore. Maybe I should pretend that I do. Would that be more valuable?

I'll keep reiterating this until people are sick of it: Now that Treasuries are going to 4.25%, we are going to get a flight into dividend-yielding names and safety stocks, and the rest -- at least momentarily -- is for the birds!