"The 'death' of free markets is sad: for a while we were all rich, it was fun and you didn't have to work much either; just own a house and a lot of debt. The imminent brave new world of state directed banks and cartelisation of sectors is inherently corrupt and less efficient, but should work. It is certainly the least bad solution for us all; yet this very different and cartelised world could be rather interesting, and profitable. Although indices have every chance of a roaring bounce soon, in 2009 many will sink again. Even so, too many large company valuations are already forecasting a Depression. We think state owned banks are temporarily rather a good idea, and many company valuations look pretty interesting, especially versus bonds, property or even cash."
Bedlam Asset Management (UK), 10.2.08
The full report is here, is chock-full of insight, and is recommended reading.