In the August 2009 issue of Smarter Money, a Wall Street Journal Magazine, four highly respected Investment managers were asked their opinions about today's investment environment. The article, entitled "What They're Saying Now," echoed a similar theme. All four Investment managers seem pessimistic about the economy and the Stock Market in the short run. Robert Rodriguez , CEO of First Pacific Advisors, sees the U.S. entering a repression, more severe than a recession, but a step short of a depression. Joel Tillinghast, Fidelity's low priced Stock manager, said he is reluctant to call a rebound yet. Anne Gudefin, manager of the Mutual Global Discovery Fund, said she is worried about stocks and real estate, and currently has almost 40% in cash. The fourth manager, Bill Gross, CEO of the world's largest Mutual Fund, the PIMCO Total Return Fund, is the least optimistic. He said, "Give up the notion that the DOW is going to 14,000. The world has changed."

What can we learn from these Investment gurus? I think the message is clear. Be careful with your money. All is not well yet with our economy nor with the Stock Market. By being defensive now, you should have more money later, when you really need it.