Smart Money, Dumb Idea: Bad Bets by Financial Pros 

By Ben Steverman - 2013-10-22T17:22:03Z

Photograph by Jin Lee/Bloomberg

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Daniel Solin: Panic Selling

In the midst of the Great Recession of 2008, stocks were dropping like a stone. I did the opposite of what I advise my clients to do: I panicked and reduced my asset allocation to stocks, thereby missing out on a significant portion of the recovery. I let my emotions overtake me. It is easier to give advice than to follow it. I have a greater appreciation of the pain and anxiety investors feel when they see significant losses reflected in their monthly statements. 

Daniel Solin is author of "The Smartest Money Book You'll Ever Read" and a wealth adviser at Buckingham Asset Management.

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