So, there's a real void that's developing in the equity market – a void that will someday create significant capital gains for those investors with staying power. Of course, that's always the answer -- staying power. If you've got the money and the time, a stock market correction is always a great buying opportunity. I can imagine the deal flow at Warren Buffett's office has increased markedly.

The government is likely to borrow more money going forward and create some further infrastructure spending programs. Some fiscal stimulus always helps. Monetary stimulus is just about all played out. The Fed doesn't have much more policy options available because interest rates are already low. So, all that remains is time -- time for the economy and the stock market to right themselves.

The headlines are pretty bad right now, as all kinds of large companies are announcing job cuts. The current situation has a long way to go for the whole cycle to play itself out. In my mind, we're only at the end of the beginning of the recession in the economy and the correction in the stock market.

So, which companies in the marketplace are going to outperform? Clearly, it's going to be those with staying power – those companies running lean operations, still growing sales and those that have hoards of cash.

Individuals are tightening their belts and companies are tightening their belts. I'm looking for companies right now that are still able to grow, have large cash positions on the balance sheet, and whose liabilities and sales costs are well under control. The companies with staying power now will be the leaders coming out of this whole thing.