Job de Jonge thought he had the guts for this game. A 53-year-old psychiatrist from Amstelveen, the Netherlands, he started investing in stocks in the waning days of the bull market in 2000. "I even started placing puts and calls for a while," he says, referring to sophisticated and risky financial tools favored by active traders. Even as the market tumbled from there, de Jonge kept his nerve and stayed in stocks. But the latest round of sell-offs, which brought Dutch shares back down to 1997 prices, has him fed up. "I'm going back to bonds and non-equity funds,"...
