The ” Stay the Course ” advice has hurt many people. This is
not your typical downturn and there is a real chance to lose everything.
I am 59 years old and there is very little chance I will recover even a small
fraction of what I lost. I have ruined my future by “Staying the Course”.

I agree and disagree with what you say, mamiya. In your case, "staying the course" was poor advice. Being as close as you are to retirement, you should have been advised to move your money to safer havens at the first indication of a downturn (of course, it must be noted that when the downturn REALLY hit, it hit hot and heavy). But in my case, at 38, now is the time to buy.

I believe we haven't seen the bottom of this as well. Long time economists are panicking. But I believe someone who can wait out this depression (let's call it what it is) can benefit in the long run.

My point is everyone seems to get the same advice " Stay in no matter how bad it gets".
I work with several people who lost even more than I did and they all got the same advice.
My advisor mentioned more than once only the idiots get out. This type of help has ruined many lives and yet it is still the advice given by most so called experts. The current situation
does not give me much hope of a speedy turn-around. There is a point where the loss is so great the investor can never recover. This bleeding will go on and on with no end in sight.

I agree with folkie, the closer you are to retirement the less should be in stocks. A large percentage less, but for me at 30, I'm still buying in, my 401k mutual funds have made me stop wanting to look at them, but they are strong and fairly balanced they should come out fine in the long run. My stocks are a mixed bag but there are a lot of good companies that are still strong that are priced very well now, and while most of that money is planned for retirement, if it doesn't work out at my age it isn't going to kill me, the market isn't my only form of investment. For now, for my situation; LET IT RIDE!

I'm an idiot! I got out when the market was high. I blew the whole wad on travel and beer and Clams Casino. I had a wonderful time and I don't regret it at all.

I believe that most stock market advice is meant for the truly wealthy, who think generationally and do not depend on the money.

It is only fairly recently the the Average Joe was heavily invested. Regular people with no other assets are vested short-time in a long-time game.

quote:

There is a point where the loss is so great the investor can never recover. This bleeding will go on and on with no end in sight.

The problem is, if the market collapses completely, the dollar will be utterly worthless. So if you saved it in a mattress, you'll probably finding yourself using it for toilet paper; it'll be cheaper!

If it's invested, you at least have a chance of making money if the market recovers.

http://www.youtube.com/watch?v=2I0QN-FYkpw&eurl=http://...dex.php?topic=38.420
Watch out for yourself in these troubled times and listen to various pundits.

the time to buy is when there is blood in the streets.....