David G. Speck

Managing Director of Investments at Speck-Caudron Investment Group of Wachovia Securities in Alexandria, Va.

If I don't want to be in stocks right now, what should I do with my investment money?

In an uncertain market, the best thing you can do is avoid any strategy that is predicated on hoping you guess right on stock movements. Over time, the market always goes up, and the only way to participate is by being invested at a level that does not cause you to lose sleep.

A reasonable strategy is to buy several well-managed stock mutual funds that cover a broad base -- domestic large-, mid- and small-cap stocks, blue-chip dividend stocks, and global/foreign.

But keep some of your money in short-term cash instruments -- CDs, traditional money markets, Treasury bills. You'll get low interest, but you also get the flexibility to invest back in the market.

Most important, don't panic or make panicky decisions. Successful investors are balanced and diversified, invest long-term and typically hold on to investments that are well-managed even when values fluctuate.