Outside View

More important, they must warn us, the investors, to be well aware of their analysis in a timely manner.

What has happened until now truly reflects the lack of both quality in the analysis as well as timely delivery. Before hiring them, all parties concerned, especially the authorities, should put in some forceful clauses in any agreement, be they legal or commercial, in case of failure to perform.

2. Look around for firesale opportunities. I believe that many potential transactions have been revealed in the current upheaval.

Naturally, this is going to happen. I believe that there are some or many gems blended into the massive flows of mud.

The market movers or the advanced investor will definitely find them at a good bargain price. News of Warren Buffett's buying into Goldman Sachs therefore does not surprise me. There will be more to come.

3. Watching CNBC is much more fun than watching Oprah. Simply, it is real! I usually spend a quiet evening at home watching Oprah then CNBC before going to bed.

However, since last week, I have been in front of the box by 7.30pm waiting for the NY market to open. The good thing about CNBC, especially during NY time, is that it presents a very good mix of various feelings and uptothesecond market information.

If I am allowed to quote Warren's words that the US financial system was on the brink of being "totally dysfunctional" last week, you may understand how CNBC presented last week and captured my attention - as well as that of other financial professionals.

4. A good time to travel to America. Everything there must be cheap and potentially cheaper in the future. Leaving aside delays at any ports of entry resulting from the immigration process, the Americans should welcome us visiting their country. You should be well greeted by many realestate agents as a potential client. In the end, you may decide to buy a couple of houses or condos at a very bargain price.

This might look a bit sarcastic. However, it looks mediocre compared to the case of many Americans who concurrently owned six or seven houses at the peak of the subprime mortgagelending phenomenon.

Afterall, this is a deja vu of the 1997 Thailand meltdown. Only it is happening on the other side of the globe and is probably 100 times larger in terms of both size and consequences.

 The views expressed in this article are the author's own.