Word: mutuals
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Balance your purchases of stocks and stock mutual funds among large, midsize and smaller firms or funds. If you buy stocks, spread them among a variety of industries. You might, for instance, buy shares in a well-run oil-service company, which prospers when oil prices are rising, and in a great car company, which profits most when oil prices are falling...
...perspire when you read the stories about the recklessness of the hedge-fund managers at Long Term Capital? Did you check out the mumbo jumbo in the prospectus of your mutual fund to see if it might be using your nest egg as collateral to borrow millions to bet on, say, the 49ers game? Relax. The securities regulators are better than you think. They worry more about you than about the folks who invested in Long Term--the sort who can drop $10 million without having to sell their jets...
...Mutual-fund regulations prohibit the kind of leverage that drove Long Term Capital into receivership. The Securities and Exchange Commission also makes mutual funds disclose details of their investments. There are few such restrictions on hedge funds--or protections for their investors--except that the funds may not accept investors with less than $1 million in liquid assets...
...also the night's trumpet player. Although Ravi was the featured musician, Alessi repeatedly upstaged his friend. The captivated audience watched as Alessi proved his expertise with almost perfect synchronization. Shouts of praise and waves of applause from former students of Alessi concluded each solo. Graceful competition and mutual admiration between these two masters filled the stage...
Here's some advice on how best to take advantage of these changes. If you have the time to do your own research and are comfortable with the Internet, you can learn everything you need to know there about personal finance and investing. You can buy stocks and mutual funds through a discount online-trading account, either at thestreet.com or through links to other investing sites through time.com/personal But don't let the low cost and convenience make you forget you're a long-term investor. If you lack the time or inclination to do it yourself...