Yes Siree Bob, if you were at the beach watching a bunch of people swimming, when the tide drops, you can see who has pants on. That is what is going on in the stock market.

In the greater stock market and in hotel stocks particularly, the tide just dropped, and half the people are naked. All the big talkers that three weeks ago were wearing five thousand suits and big smile, today are just wearing the smile. Everything else is exposed. I mean really exposed.

What has happened to hotel stocks in the last three weeks is nothing short of breathtaking. I have never seen anything like it or never thought I would. One day (three weeks ago) the world was right, people were doing well, construction was at an all-time high, houses were selling in several days, new buildings were under construction, banks were lending, and the stock market was roaring. That was 21 days ago. Today, the world has changed and for the most part, fear has paralyzed the US economy.

I told my wife last night that this whole situation drives home the point that regardless of what we may believe, we are not really in control. It also drives home the fact that if you are going to go swimming in the investment ocean, may sure you are wearing a swimsuit. KT