Moderation is the key to all things.
Dump everything for gold and euro's? Go right ahead. But you've already taken a large market hit on your investments, you'll be buying gold high. When the turnaround comes, you'll miss the stock rebound and catch the gold hit. You've just compounded your initial losses. That's why most people lose in the market and why they tell you to assess your tolerance for risk before entering the market.
Back to moderation, selective investments in foreign stocks and a minor (possibly 10-15%) position in commodities-producing companies is a good hedge in any market. Just don't take it to the extreme, and continue to ride it no matter which direction the market is moving in a particular week.
But if you don't have the stomach for the market's downturns, don't be in the market at all. You won't beat inflation-risk outside of the market, but you'll do better than you would if you were in the market and selling out every time the bears come out.
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