Kass: Were Writedowns Exaggerated?

This blog post originally appeared on RealMoney Silver on Feb. 25 at 7:27 a.m. EST.

I have recently argued to buy the dips and sell the rips, a seemingly robotic attempt to extract excess returns from what little Mr. Market has been giving us over the last several months.

Unfortunately, the idea of this sort of strategy conjures up a boiler room of trading automatons that strictly rely on a machine-like response on stock market price weakness to buy and share price strength to sell/short.

It is not what I am entirely trying to communicate. ...