Just like shorters love blood in the water, value investors like to clean up after the shorters have finished robbing the rich and cleaning the meat off of the bones of a stock caught mired in rumor and innuendo, braying for survival.

Okay, it's a bit too picturesque. 

However, down days like this are a great day to go shopping. Fannie Mae and Freddie Mac and oil are weighing down the prices of pretty much everything.

As a value investor you want to buy on the down days.  

Berkshire Hathaway (BRK.B)  was down to 3910.00. That's a good opportunty to get a share or two on a stock with a ballpark fair market value of $5,100.00

Kinder Morgan Partners (KMP) is a phenomenal pipeline and natural resources transportation company that has outstanding management that derives most of its income like we do, from the shares. It is a limited partnership, so it puts out a K-1 form which adds a bit of complexity for your taxes, but KMP also has sweetheart tax deals on its earnings from its pipleline operations that boost its yield up nicely.

Depending upon how good your stomach is, you might even take a small fly with Fannie Mae (FNM). If the doom and gloomers are accurate, then you should be withdrawing your money from the market and find a good cookie jar to put it in. Default of, or the assumption by the government of the trillion dollar mortage system of FNM and FRE would be a disaster that even legendary shlock producer Irwin Allen couldn't cook up.  If, however, as is frequently the case, they are overstated, then Fannie should level out again in the teens for some time, and, at 7-9 per share, you are buying 50% of the mortgages in the United States for about 10%-15% of their value. As of this morning, the New York Times called Fannie Mae's default rate at about 0.15% to 0.17%  VERY SPECULATIVE, but if you think you can even park $750.00 and potentially turn it into $3000.00, 7,500 or more in a year or three, it might beat a Lotto ticket ;)