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Follow Your Gut
There are a lot of people (including me) second-guessing decisions made in the last decade. Here are a couple of my reflections:1. Forget the old saws -“Stocks in the long term always go up” was disproved as we ended the decade with all major indices lower than they were in January, 2000. If you add in the effects of inflation, the results were actually fairly disastrous. Yes, 2000 was a year of elevated stock prices – with the dotcom boom and all. But, no matter how you slice it, the decade of 2000 – 2010 was not “up.”Another bromide “you can’t time the market,” may in fact be true but if I had followed my gut instead of the doomsdayers on TV and bought stocks this spring, I’d be a pretty happy camper right now.Similarly, a lot of people got hurt living by the advice “you can’t make a better investment than buying your own home.” Yes, housing is a good, solid stable investment. But, historically, it has appreciated just a point or two over inflation.A lot of people got waylaid (about 25% of all homeowners with mortgages are under water today) believing that housing is an ultra-safe, always-ascending investment.2. Ignore ... more

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