My View is that investors have to be very selective in making investment decisions now. "The froth is out of the market, so investors have to extend their timeframes while investing." I feel that companies are reasonably priced now compared to a month back. The margin of safety principle will now play out even more than it did earlier.
According to me the global turmoil will possibly settle down but the slowdown in earnings is definitely something which is a big cause of concern. "The markets can't continue to grow in a corporate environment growing at a clip of between 20-30% or between 15-30% every year."

Happy & Safe Trading

Prabhu