"Breaking News" as a friend of the long term investor

The "breaking news" screamed "South Korea returns fire from North Korea". The world markets, or atleast those which were up and running at the time of day, tanked dutifully. The Sensex was down around 450 points at one time. For the rational long term holder of good companies, this was a manna from up above. Load up on your favourite picks, screamed the voice inside me. And so I did. Picked up a some of the stocks that were on my buy list. It is improbable that a full scale war breaks out in Korea. This probably, (and I reserve the right to be wrong), was more of a border skirmish and a bit of bravado shown by troops on either side, which resulted in a good opportunity.
The lesson from all this is:

1. Be ready with cash. You never know, when "breaking news" happens and you get a bargain on a platter.
   
2. Be ready with your buy list for such opportunities. You cannot start looking at which stocks to buy when the opportunity arises. By the time you make that decision, the chance may have already passed you by.

Hope there is peace in Korea :-)