ABCs of a Market Correction

a) high grade is not necessarily high quality;

b)what looks like a duck may not quack like one;

c) don't swim in the deep end of the pool;

d) losses can be viral;

e); diversification is not a panacea; and every cloud has a silver lining.

It isn't very pretty out there, but there are lessons for the next time.

With all that happened last week, we are all learning -- or relearning -- some very important lessons. Today's New York Times has a terric article on these lessons by Gretchen Morgenson, entitled "Summer School for Investors is in Session".

If you can't log in, buy a copy. It is worth reading.