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Money manager earns his keep in topsy-turvy market.
Byline: Joe Whittington
Aug. 31--Steve Finerty sat in his Clayton office at Argent Capital Management on Aug. 16 trying to describe how to navigate a market that was dropping like a stone. Two days earlier, the Dow dumped 207 points. On Aug. 9 it was 387, and on Aug. 3 it lost 282. And giant mortgage lender Countrywide Financial was twisting in the wind, suffering through a subprime mortgage crisis.
Things have calmed, but Finerty knows there will be more challenges ahead.
QUESTION: In this time of a topsy-turvy market, I guess you're hounded pretty well at cocktail parties.
ANSWER: People's emotions govern everything about investments. When times are great, people are wanting to talk about the markets, and when times are bad, they talk even more about the markets. The only time they really don't talk about the markets are when things are average.
Q: Where do you hide during a period like this?
A: The only shelters for those who are nervous are bonds or short-term, fixed-income investments, money market funds. My experience is you don't seek shelter, because when you start reacting…
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Source: HighBeam Research, Money manager earns his keep in topsy-turvy market.
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