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Peter L. Bernstein
Peter L. Bernstein
Economic consultant and author of "Against the Gods: The Remarkable Story of Risk"

Buy on the dips? It's a sucker's game. I would wait until there is some light at the end of the tunnel, even if I buy well off the bottom. There is no light now and there will not be until home prices stop falling.

What about diversification? I never rethink my customary approach. I swear by it. I am ignorant of what the future holds, so I want all my bases covered.

NEXT: Deena Katz

Last updated April 28 2008: 1:20 PM ET
Due to a production error, an earlier version of this story reversed the photos of Peter L. Bernstein and William Bernstein, who is also featured in this piece.

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