In last year's january colum I predicted the market would correct in 2007. It did and it didn't. For the year the S&P 500 was up 3.5%. But in November both the Dow Jones industrial average and the S&P 500 fell 10% from their early October highs. The pain isn't over. A 10% drop is not steep. This one came after a five-year run that pushed the S&P 500 up 105%. Smaller stocks like the ones I follow did even better: The Russell 2000 Value Index rose 135%. Extended bull runs and brief selloffs have lulled investors into a false sense of security.
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