Down And Out

RUSSELL COBB for TIME

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,"...

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