Investment Experts Say 'Buy Now!'

October 6, 2008

Amanda Lewis, KCCI.com

DES MOINES, Iowa -- When people yelled 'sell, sell, sell..' like they did on Monday, Don DeWaay said the best long term strategy was to buy, buy, buy! 

"You want to buy things when it down," DeWaay said. "You don't want to sell things when they're down. It's just common sense, but it's one of those things that people have a hard time coming to grasp." 

DeWaay handles high end clients. He says most investors don't make as much money as they could because they buy when the market is good and sell when the market isn't out of fear. He said the smart investor goes against that feeling. 

"Unless you think the economy is going to collapse, and I don't happen to believe that, I think it's going to be rewarded handsomely." 

While there are some really good buys in the market, Linda Cook of Gilbert & Cook, Inc. urges some caution. 

"I think you have to be very careful with that opportunity because (the market is) still sliding," Cook said. 

Cook's partner, Marlis Gilbert said if you foresee needing money in the next 3 to 5 years, put as much as you need into a safe, accessible investment. 

"They need to take out what they need to live on," Gilbert said. 

Gilbert and Cook also recommend a "financial checkup." They said an expert can help you take advantage of tax laws and recoup some of your losses. A financial planner can also get you into a position to make money as the bailout begins to have an effect and hopefully the market begins to recover. 

Both firms agree climbing out of this hole could take a long time -- anywhere from 5 to 15 years. 

"If you have that kind of patience it's going to be rewarded long term," DeWaay said.