You can see the alternative on the HK market, where some stocks are 15-20% down for the day.
You can proclaim the world is ending, I'll be buying at the bottom. While the volatility is a little crazy right now, it's not the end.
When I went to casinos for fun I never heard anyone admit they lost money gambling. This statement reminds me of gamblers who never admit they lost. You can't predict the bottom. It is highly unlikely that you will actually buy at the bottom. You were speaking hyperbolically I know but the sentiment is a bad one to have when it comes to investing and gambling.
Buying at the bottom is sheer genius. Being able to actually do it in practice, however, is another story, despite how much you've "researched businesses".
I certain didn't predict this drop. Then again, I was out of HK last month. I traded in Europe for the last few weeks. I lost money this week, underestimating the effect of Greece.
But one thing I do know, is that this drop is a buying opportunity. And you're right, I can't predict the bottom. But I can choose an oversold stock I know will rebound, buy it when it's down to a major support level, and hope for the best. And I've done alright with my strategy. I make a fairly decent return and can sleep at night.
And I do like hyperbole :-)