2 of 21
BACK NEXT
2. Ditch your energy stocks
You're likely counting your blessings that there's one group of stocks - energy shares - that has surged over the past year.

Well, it's probably time to pull the plug: The euphoria surrounding oil "smells like tech stocks in 1999," says James Paulsen of Wells Capital Management, and the rate of growth in demand for oil has already begun to slow, evidenced by the recent drop in crude prices.

And odds are, you now have losses elsewhere in your portfolio to offset your taxable energy gains. What to do with your oil profits?

If you can be patient, consider investing in financials or blue chips (see No. 15 or No. 16). They've looked as bad recently as energy shares have looked good.

NEXT: Harvest some tax write-offs

Last updated August 16 2008: 4:37 PM ET
More Galleries
Best-loved cars in America These cars and trucks topped J.D. Power's APEAL survey, which measures how much owners like their new vehicles. More
America's most powerful cars A new 'horsepower war' has erupted among U.S. automakers and these are the most potent weapons in their arsenals. More
A sampling of beers being made with traditional Latin flavors A small but growing number of craft breweries are including passion fruit, Mexican cinnamon and other traditional Latin flavors. More

Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.