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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
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