Recovery Plan for Panicked Investors
This is a paid article now, so I’ll only post excerpts.
A 10-step recovery plan for panicked investors
Thursday, August 16, 2007
Overcome by subprime sadness? Crying about the credit crunch? You’ve come to the right place.
As a service to readers, the in-house therapeutic staff at Market Moves has designed a 10-step program to help you cope with the market mayhem.
Followed diligently, particularly when supplemented with a program of moderate alcohol consumption, these steps will allow you to ride out the current discombobulations with a smile on your face.
Look at our picture. We’re smiling. And our portfolio is going down the tubes!
Step 1. Admit you’re powerless over the stock market.
Step 2. Stick with quality.
Step 3. Buy stocks with rising dividends.
Step 4. Double-up on your mortgage payment.
Step 5. Make an RRSP contribution.
Step 6. Stay positive.
Step 7. Remember that this, too, shall pass.
Step 8. Focus on the long term.
Step 9. Resist the urge to check share prices every 30 seconds.
Step 10. Give yourself a break.
Everything’s gonna be okay, really. But you have to follow the program.
I disagree with a lot of it, but then I’m a semi-degenerate semi-gambler-trader, not an investor.