That's not a crash...

Far from causing you to panic, you should welcome the latest opportunity to buy cheap stocks for the long term.

No doubt you remember that famous scene from Crocodile Dundee where a thug tries to scare Mick Dundee into handing over his wallet by threatening him with a knife. Mick casually responds by pulling out a mini-sword of his own and warns his assailant, ‘that’s not a knife. THAT’s a knife’.

I was reminded of that scene yesterday when the ASX 200 fell 2%. Many stocks fell by more than that, particularly those affected by the plunging oil price. Woodside (ASX: WPL) fell 4%, Origin (ASX: ORG) 5% and Santos (ASX: STO) fell 10%.

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