So much has changed over the past 2 days. Changing market psychology. GS: Goldilocks is over Anger at downgrades.

Dillard's is attractive based on all of the important metrics that smart value investors like David Einhorn look for: earnings, low p/e, stock buybacks, solid free cash flow, in a stock and sector that is out of favor with investors.

Mr. Buffett missed incredible opportunities during the financial crisis. As a value investor with ample liquidity, Mr. Buffett had the opportunity to create exceptional returns for his shareholders. This missed opportunity still weighs on returns.

The recurrence of media popularity of hedge funds, investing and Wall Street is an ominous sign.

It's a difficult market due to the premium valuations we see. This market requires discipline to wait for better opportunities. Due to the Fed intervention in the market, assets are fully valued.

Deal skepticism presents an opportunity; an analysis of risks/rewards and possible scenarios.

Dillards is attractive based on low p/e, solid cash flow, liquidity, in an out of favor and oversold group. Share repurchases and low valuation attracted famed manager, David Einhorn.