he's michael farr, president of investment firm farr, miller and washington, and author of "the arrogance cycle". michael, welcome back. nice to see you again. >> thank you, tom, nice to be here, always. >> tom: so what do you think is contributing to this investor exhaustion and not panic? >> oh, boy. the exhaustion, i think is kind of easy to figure out. i mean day after day of one money points to the upside and downside. investors are being deluged with all sorts of different types of news. i mean, even today, whether we were going to hear whether papandreou was going to go ahead with a vote, he wasn't going to do it. he was going to resign, europe was going to collapse. m.f. financial is back on the ropes. investors don't begin ton what to make of all of this noise and they certainly don't like the volatility. >> tom: how do you protect against exhaustion and stay in it for the long run? >> that's really what you have to do. you have to fend off emotion at pretty much every chance that you can and go back to your discipline, go back to your philosophy, and really as important as anyth