Nevertheless, ignore the media's overhyped and extreme interpretations of both the Democratic and Republican Parties' gambits, especially in the early stages of negotiations (which is really more theatre and posturing than negotiations). And ignore items such as CNBC's promotional bug of the fiscal cliff countdown -- we have seen repeatedly, over time, other bugs that were killed off. Being fearfully preoccupied with the first act of this fiscal cliff ballet could result in shedding investments that are attractive over the intermediate term. Instead of burying your head in the sensationalism of the media, try burying your head in balance sheets and income statements in order to find the next Ocwen Financial ( OCN) or Altisource Portfolio Solutions ( ASPS). It will be a more productive endeavor. In summary, be fearful of the earnings cliff not the fiscal cliff. At the time of publication, Kass was long OCN.