Since most of my investments are for the purposes of college (15+ years away) and retirement (30+ years away), I'm still largely in equities, and would encourage anyone with a similar time horizon to stay the course as well. But don't take it from me, take it from our generation's most successful investor, Warren Buffett: "Buy American; I Am" and "Buffett: I'm Buying Stocks.".

If the Sage of Omaha is buying, at age 78 no less, I'll take it that now's a good time to get in. Of course, most people buy high and sell low, buoyed by good news and scared off by bad news, and incorrectly equating the stock market with the economy when Buffett rightly points out that because stock prices represent forecasted future cash flows discounted to the present, the stock market will be up far sooner than when the economy starts to recover. Which is why "alpha" still exists, even in a fiercely efficient market; it's because there's still a lot of irrationality out there.
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