Q: I question your advice during this pandemic/economic crisis. The mantra "stay in shares for the long run" doesn't work in a long-term crisis. Nobody doubts there will be huge job losses.

Shares will decline for months, not weeks, so people with limited capital will minimise losses by switching super funds to cash until prospects are clearer.

The same is true of housing. When many people lose jobs, house prices will drop — that's inescapable reality.

A generation of young people with average jobs have missed out on owning a home, while older people made hundreds of thousands for nothing. Investors piled into housing to create a self-fuelled boom, then refused to sell for less than "what it's worth" at the unsustainable peak.

Young buyers should do the same — refuse to buy until the lack of buyers forces house prices down to where families can afford them.

These are not normal times. Don't you have any doubts about offering "normal" advice to people who can't afford to lose more than they already have, after years of stagnant real incomes and high rents?

A: They say that the four most dangerous words in the financial world are, "This time it's different". People tend to think, when markets are rising or falling particularly fast, that the usual braking


Time to subdivide

Feeling nervous

Go for gold?