[Business Insider] In my 20-year career as a financial planner, I have often been asked for advice on where to invest and what to buy. But today, during this global pandemic, things are different. I am being asked not so much what to buy, but what to do with existing investments. And the answer is not so obvious this time.
To have a universal answer that will apply to all is impossible. Imagine your portfolio is cut by 50%, can you stomach that? If the answer is no, it does not matter what I say about long-term investing, Markowitz theory, or historical market turnarounds. If you are not 100% comfortable, you will never stop doubting your decisions.
This is why my one piece of advice is to think about what the consequences of your decisions will be in 2023.
There are some basics you should consider when taking this advice.