By Walter Hamilton and Ronald D. WhiteOctober 22, 2008
Reported from New York and Los Angeles — For two decades, Danny Lockwood believed that investing in the stock market was essential for a comfortable retirement.
Like millions of Americans, the 41-year-old West Hollywood resident steadfastly poured money into mutual funds that invest in stocks. For him, a sharp decline in the value of his portfolio meant only an opportunity to add to it at lower prices.
But after two bone-rattling bear markets in the last eight years, Lockwood is abandoning his blind faith in stocks. Fearing that the “buy and hold” advice that’s been drummed into investors might not pay off in the long run, the music-video producer has been unloading some of his stock-fund holdings.
“I’ve realized I can’t count on the market,” he said. “I’m not sure I’m going to again let a significant portion of my assets ride on the stock market.”
He isn’t alone.
