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. ...