It was an ugly day in the markets yesterday. The stocks got crushed and it was the steepest sell-off all year.
Traders said it was led by the so-called "fast money" - short-term investors like hedge funds running for the exits - trying to get out before the next guy.
High-speed traders love wild rides like the ones yesterday... That's how they make their money. And they'll always be faster than you... They measure their success in milli-seconds. You don't have to.
So, if you're a stock picker, or take your investing advice from those over-caffeinated stock pushers on TV… Booyah! You got whacked.
But smart investors, like the viewers of this show, aren't chasing the market up or down. You're in it for the long haul.
The markets have seen darker times in recent years, and look how far they've come back. Yes, it was a rough ride yesterday, but all three indices are still up between 8 and 10% this year. And, historically speaking - stocks are not over-priced.
So stick to your long-term goals and you'll come out ahead. Don't be the fast money, be the smart money!
The Willis Report with Gerri Willis investigates the top business stories, outs corporate scams and polices D.C. policy.