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Byline: PAUL KATZEFF
If you have a parachute, use it. That's what David Lamb did in 2001. The stock market was in a tailspin. So Lamb cashed out.
His next move defied conventional wisdom. He decided not to seek refuge in bonds, even though that's what a lot of financial pros advised. Instead, Lamb started calling his own shots and invested in real estate.
Lamb's new tack puts him in the vanguard of a revolution that's seen investors grow more self-reliant and open to new types of investments.
His timing is spot on. May 1 marks the 30th anniversary of deregulation of the brokerage industry and the birth of the discount broker. That watershed -- plus the march of technology -- made possible the new investor's freedom.
And the road to freedom keeps getting less costly. Discount brokerages are in a fierce commission-slashing price war.
It all adds up to more independence.