Q: When the market is volatile and falling, professional investors sell some riskier assets and increase cash.

Yet small investors typically receive the opposite advice if they suggest moving to cash or conservative funds to wait out the volatility — as in your column in recent weeks.

Why is the advice different for small investors when the financial logic (sell high, buy low) is the same for everyone? Is it concern they'll forget to switch back to riskier assets as markets recover?

They should be given the full story. Leaving them to ride the wave all the way down is just using their money to prop up smarter investors.

A: Gosh! Am I part of a conspiracy to help out professional investors at the expense of readers?

Well, no.

Let's start by assuming — falsely — that it's possible to pick a good


Switching funds


Slicing the PIE

Smart trading