I watch an extraordinary amount of business television, given what I do for a living.

When I hear people from the money management industry go on the air and say that "The bottom is in and it's time to put money to work," I get a little sick. Not as sick as I get watching Barney Frank talk economics to his fellow congressmen, but sick nonetheless.

I'm sickened because I know that there are tons of investors out there who listened to these "Johnny-One-Notes" for the past 12 months. And those investors are now looking at 40%-50% losses, and need 100% gains or more just to break even. Sadly, many of those individuals simply do not have that much time left.

It is an indisputable fact that the guys who get paid based on the amount of money they manage have an incredible blind spot to the business of investing for capital growth. (I'm being kind here.)

"Riding out" the bear markets fully invested is an absolutely insane approach to investing in an age when it costs so little to get defensive, when so many people have loss carry forwards that make these moves tax-free (or are in tax-exempt accounts), and when economic surveys like the ones we get from the ChangeWave Alliance are so accurate!