Surviving Market Mayhem

Cash is king--if you're petrified. But the best plan is to rebalance and stay focused on your long-term goals

Illustration by Peter and Maria Hoey for TIME

If you want a friend, buy a dog. Those words are most often attributed to the corporate raider Carl Icahn in the mid-1980s and were later immortalized by the character Gordon Gekko in the film Wall Street. But given today's hostile environment for even conservative investments like munis and mortgages, you too may be muttering the phrase--right now.

If so, you're in high-profile company. The brokerage Bear Stearns wound up dogless a few weeks ago. Bear Stearns, known for extreme self-interest, couldn't find a friend to throw it a lifeline. Now it's as good as gone.

Your nest egg doesn't have...

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