If you were smart enough to sell all your real estate last year and all of your stocks on July 19th, you are a genius; sit tight and pat yourself on the back.
If you did not, do not do the stupid thing and panic.
I own a couple of pieces of real estate that I would love to sell. I am going to sit tight with them until the market bounces back or someone offers the correct price. There is no reason to panic and sell into a bad market.
I had about 400 clients when the 1987 market crash occurred. Four sold the next day even though I urged them not to; they got hurt. The other 396 did very well over the long haul.
As my dad would say, the key is to be zigging when the others are zagging.
I blame a lot of what is going on with the market on the stupidity of Federal Reserve Chair Ben Bernanke. I would like to say I was wrong about Ben, but I was not.
Here is what I wrote earlier:
Big Shot Bernanke
Nice Guys Make Lousy Senators