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That was referring to equities. The modern version should be short oil when there is blood in the street and the president truths.

source?

That’s not what that quote means. It means even if your portfolio is down you should keep buying.

That's what they meant by "too literally."

https://www.youtube.com/shorts/YXivtoSkuVQ

No, the "quote" (more like anonymous anecdote) is quite literally about blood running in the streets presenting an opportunity to buy assets at reduced cost.