Friday, October 10, 2008

My Advice for Those of You Worried about the Stock Market

Stop looking. Stop torturing yourself. Put all your money in some kind of fixed income fund/account and wait it out. Or do as Warren Buffet would and find an opportunity, but whatever you do, just stop checking your portfolio, CNN, WSJ, Moneycentral, Forbes, or whatever your poison is. Just don't do it. What goes down must go up according to Newton and go up it will just not any time soon. You are in it for the long haul not for right now, this year, next year or the year after that. You're in it for the next 5 to 45 years at least, so please, pretty please, do yourself a favor take a bath, drink some whiskey (responsibly), watch a comedy, eat dinner with friends, and relax. Just stop the incessant looking and fretting. This behavior will get you no where. Remember: It won't always be like this.

(You might ponder what the hell my credentials are to even administer this advice. I have a degree in Accountancy. I have a degree in Economics. I worked for Merrill Lynch as an intern in 2001 right through 9/11. The adviser with whom I worked had clients who earned more than 36% that year. I have seen positive come out of negative. I happen to know this woman's father lost MILLIONS in the crash of '87. He survived. Other than that, I have none. I am a normal person like you who reads the paper and watches the news and tries to be responsible with finances. You will survive, too.)

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