I actually read an article yesterday that said exactly the same about the ZAR-USD. I agree that the market is ahead of earnings and this is why i cannot find companies i really like right now much, but found 2 in USA and Canada. JPMorganChase will have an enormous boost when the economy turns, they have extended their business so much in recent years its something unbelievable, and very well managed, I also really like Capitec and that was my best performer in 2009, will not sell this one. another is my liking for smartphones and the future of these devices, had to buy research in motion because it is trading at a huge discount to companies like Apple and still having unbelievable growth in customer subscriptions, etc. I think the market will take time to really recover but once this is done, the banks will cash off bigtime because of more money flowing from consumer to producer, etc. and just general economic activity, thats why i like banks so much, companies will also start to try to raise money to grow, this is another income source for them... so right now, big solid banks that pay dividends are quite interesting for me....