Last week my oldest son told me he's getting a big raise and will be having money to invest in his Roth IRA, so I came up with a recommendation for him. Here it is:
For the patient long-term investor, I think buying breaks in here is a good idea. I'd have a buy order in at around $18, with the knowledge that it can make new lows and give you a buying opportunity at 15, 12, whatever. But in the long run, I think that from these levels, over the long term, you'll do better here than if you just buy the S&P index, or whatever. The advantages of dollar cost averaging along with being stingy on those price orders will really pay off here, IMO.
This type of fund investment, to which I've referred before, is much better for the average investor than trying to pick individual financial stocks, any one of which can crash any day in this environment, as we have seen over and over.
Anyway, that's my take on the situation. As a group, these stocks are cheap now, and for good reason. But long term, they do very well. It's a long-term buyer's golden opportunity, in my opinion. Just don't buy rallies. Keep those lowball price orders in place, and keep buying. Ten, twenty, or forty years from now you'll be glad you did.
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