The stock market is in the midst of its fourth correction since July. The pullback is inciting some bearish commentators to rant against the validity of the summer rally, as though it were somehow “wrong” and is finally showing its true colors. We dispute the possibility of the market ever being “wrong” and assert that value is always in the eye of the beholder.

David Einhorn of Greenlight Capital argues that paying attention to the ‘Big Picture’ is important when making investment decisions on individual equities. Einhorn is not particularly sanguine about the state of the U.S. financial system or its global counterparts, but the new Financial Stability Improvement Act of 2009 might cheer him up a bit. The bill would require Wall Street to take responsibility for cleaning up future messes.