5 Ways to Survive the Rest of the Year
Keith Fitz-Gerald, September 25, 2009
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Hope for the Best, Prepare for the Worst
According to longtime investor Jeremy Grantham, the record deficits, stimulus packages and bailout packages have "reduced to guesswork" any market forecasts (as reported in CNNMoney). That's probably why Grantham recently warned clients: "If you feel overconfident about anything, take a cold shower and start [analyzing] again. Just be patient. In our strange markets, you usually don't have to wait too long for something really bizarre to show up."
I've been counseling readers for more than a year to think long term. My advice is to preserve your wealth by navigating the near-term chaos. Stifle the knee-jerk urges to buy or sell. If you succumb to the urge to follow the herd, the crowd will inevitably lead you down the wrong path. And probably at the worst possible moment.
Instead, you should follow these five strategies:
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