Have a mate who has invested in the market for over 25 years ,...

Have a mate who has invested in the market for over 25 years , and does very well ,spending months doing fundamental analysis before buying.He generally buys in $100k+ bundles , so could be considered a reasonably 'serious' investor.He purchased a large amount at $2.64-$2.75 limit, and was happy and confident about what he had done.I spoke to him recently after having a casual look over my watchlist, and although not too happy at the recent sp, was still happy to hold,and is looking at buying more.I am not judging or indicating a buy , but merely saying that perhaps this selloff is an 'abbhoration'or oversell, and will wait for an indication of hitting bottom, and have a bite myself...