China is now the biggest elephant in the global room. We will have to get used to it. International financial news will not tell us how many cats did not get stuck up a tree this morning. Instead, they will report every crisis, real or imagined which occurs around the world. Even poor little Greece preyed on our minds for months. Extreme forecasts will prove newsworthy, especially scary ones. Behavioural psychologists tell us that bearish forecasts sound more intelligent, if only because they satisfy some internal masochistic need. They also attract attention and increase turnover, leading to some temporary collateral damage. What can one do about all this? It may help to remember one of the oldest and best strategies in the world: Buy low and sell high, especially on a medium to longer-term basis.