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As stocks bounce around, how do you invest for the long term?
Stocks extended their slide to 12-year lows on Thursday as General Motors [GM
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] warned of possible bankruptcy and shares of Citigroup [C
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] plunged to all-time lows of less than $1 a share.
In fact, widespread concerns about the entire banking system sped the flight from stocks into so called safe haven securities such as Treasuries. Meanwhile, grim economic reports signal more fallout from the recession lies ahead.
With so much turmoil in the market what’s a regular investor to do? For insights we asked Joe Duran, United Capital Financial Partners CEO
He told us that there’s something about this downturn that just “feels different” and he can’t ignore that feeling; it’s clearly a turbulent time. As a result he says, taking prudent and timely action is important and avoiding heroic and dramatic moves is key.
He has a 4 pronged approach for going forward.
1) Asses the damage.
2) Assess your assumptions.
3) Put together a plan that’s rational
4) Take small steps going forward
What’s the trade?
Right now the debt markets are the best places to be involved, says Duran. Look at fixed income investments. They generate significant yield and have potential for equity upside. Regular investors can play through ETFs.
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Trader disclosure: On Mar. 5th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Macke Owns (GE) Puts; Macke Owns (MS), (SDS), (AAPL), (MOS); Najarian Owns (GDX), Najarian Owns (MS) & (MS) Calls, Najarian Owns (MSFT) & (MSFT) Call; Najarian Owns (X) Call Spread; Najarian Owns (V) & (V) Calls; Najarian Owns (WFC) & (WFC) Calls; Najarian Owns (DNA) Calls; Najarian Owns (DOW) Call Spread; Najarian Owns (FCX) Spread; Najarian Owns (GLD) Put Spread; Najarian Owns (GE) Puts; Najarian Owns (PNC) Put Spread; Finerman's Firm Owns (DNA) & (DNA) Calls; Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Owns (WFC) Preferred; Finerman Owns (WFC) Preferred; Finerman's Firm Owns (PLCE), (MSFT), (PBR), (RIG), (TGT): Finerman's Firm Is Short (BAC), (BBT), (IYR), (IJR), (IWM), (MDY), (SPY), (USO)
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