In fact, Terranova thinks this could be a pivotal moment in history for young investors. He says the years ahead could be similar to the period between 1933-1937 when some of the greatest fortunes were made because people bought assets on the cheap and sold them later at a significant premium
So, if you’re in your 20’s or 30’s, Terranova advises crafting a long term portfolio made up of companies that will benefit as prices increase. However he says, "make sure you’re fully diversified among a group of asset classes over the long run."
Terranova recommends spreading that risk out among many sectors, including commodities, real estate, emerging markets, gold, natural resources and healthcare.
What’s the bottom line? If you’re from Generation Y start building a portfolio of stocks now and by the time you’re ready to retire you could be in good shape.
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Trader disclosure: On Dec. 11th, 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 (MSFT), (WMT), (MCD); Pete Najarian Owns (NUE), (FCX); Pete Najarian Owns (DRYS) And Is Short (DRYS) Calls; Pete Najarian Owns (SBUX) Calls; Pete Najarian Owns (UYG) Calls; Pete Najarian Owns (XHB) Calls; Finerman Owns (SRS), (MSFT); Finerman's Firm Owns (OIH) Puts; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (BBT), (VNO), (SPG), (FCE.A), (COF), (USO)
Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (OFC), (DLR), (EXR), (IGE), (MAC), (DBC), (DBV), (SKT), (UA), (CLB); Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights