Stein is by far my favorite financial writer of all time. Here’s another great article

We’re currently in very stormy seas investment-wise. There have been dramatic moves downward on every index I know of. The media is filled with tales of gloom and doom.

In such times, we all need advice on how best to ruin our investing lives. With that in mind, try the following:

1. Panic.

That’s right, get scared. Get really freaked out. Let the panic mongers on TV sell you on their points of view.

2. Sell everything you have in the market.

Even if it’s at a loss. Even if you were doing great with it until now, sell, sell, sell. Get the heck out. Just dump everything and go to cash.

3. Believe that “this time, it’s different.”

Yes, even though markets always recover, especially in times of aggressive repair work by central banks, believe that this time it’s different and this time the market will go down, stay down, and never come back.

This time, alone among postwar markets, the market will never rally, never rebound, never reach new heights. Yes, this time, things are so bad that stocks will never come back, so sell out and stay out.

4. Believe that the short-sellers on TV are sincere.

No, they’re not just trying to scare you into selling to knock down the market so they can make money. They’re not just ginning up phony metrics to scare you and make money on their shorts. They’re really trying to help you.

Read the rest of the story and then come back