I am hopeful for a pickup starting 1 st or 2 nd quarter of 2002 and the stock market to do better in the 4 th quarter of this year. The good news on this is that it could all come back a lot quicker in '02. We don't think inflation is the problem. We worry more about deflation. If you are moderately aggressive, start putting some money to work in growth funds.
Timing is always hard, so try to average in.
This is exactly what we are doing with individual stocks we are currently buying for our client accounts. We are not taking on full positions but are averaging in selectivity. Enough damage has already been done in the stock market for it to feel like a recession to investors. Personally, I think we will see the technical definition of a recession, but like I say, it doesn't really matter. The stock market will discount a recovery eventually.