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IndexUniverse.comを眺めていたら、Allan RothというCFPがNightmare On Wall Street: Lessons Learnedというタイトルで、投資家がこの暴落期にとるべき行動について書いていました。


2008年9月21日日本経済新聞 朝刊のマネー・生活面の記事と併せてこの時期に読んでおきたいコラムです。(こちらの記事はNightWalkerさんがまとめてくださっています:まとめ記事はこちら


Some Lessons Learned

Don't get seduced by Wall Street: The Street's core competency is greed, which transfers your wealth to them. There will be another bubble coming down the pike that sounds too sexy to resist. Don't fall for it.

Risk—get in touch with your feelings: Our tolerance for risk is not stable. We tend to believe we are risk takers in up markets and very risk averse in down markets.

Write down how you feel about investing in the stock market today and put it away: The next time you feel like putting more in the stock market (and you will), pull out this document and take a look. It's far more important to be consistent in your allocation than to get it right in the first place.

Doom and gloom is good for investors: During 1979, Business Week magazine ran a cover story article titled "The Death of Equities," which gave some compelling reasons why stocks were no longer the place to be. Of course, that expert advice was just in time for the market to deliver an annual 18 percent return during the next 20 years.

Dare to be dull: Sure, long-term index investing is about as exciting as watching paint dry. In up markets, people brag about how much money they made by buying Countrywide and Merrill Lynch.

In markets like this, however, the strategy is very daring because it requires us to stay the course and even to rebalance by buying more stock index funds today. This simple strategy isn't easy.

I wish I knew what the short-run future holds for the stock market, but I don't. I'm willing to admit that I know I don't know. What I do know is that capitalism works in the long run. I also know that speculators are leaving the market in droves and that this is good for long-term investors.

It's OK to feel the pain. At the moment I'm not only feeling your pain, I'm feeling my own.

But (and this is a biggie) how we react to it is more likely to determine our financial future than any short-term market movements.

It turns out that sticking to an appropriate asset allocation can be even more important than picking the correct one in the first place.

When the market rebounds, don't think of yourself as this incredible risk-tolerant person who can put most of your assets in the stock market. Conversely, don't panic today and get out of the market. Keep the faith.













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