Investment Advice

Robert Arnott

The Southern California money manager and master number cruncher says stocks beat bonds over the long haul — but the long haul is an awful lot longer if you buy stocks when they're expensive. And boy, were they expensive in March 2000. The key, he advises, is to put your money into asset classes that are relatively cheap. Currently he favors corporate bonds of various sorts.

Key Stat: 60 cents
What $1 invested in stocks in March 2000 is worth today, inflation-adjusted