Here are excerpts from "Advice for a Recent Widow," by Alexandra Armstrong, certified financial planner, in Better Investing:
"Don't make important irrevocable decisions for six months. ... See your lawyer, accountant and stockbroker promptly. ... Calculate your net worth - what you own and what you owe. ... Seek professional investment advice. ... Organize and pay appropriate bills. ... Start recording income and projected expenses. ... If you have trouble getting organized, ask a knowledgeable family member to help."
BARGAINS? "The market is valuing corporate earnings at dizzying levels, but only for top stocks. Take a look at the cheaper stuff," says James Paulsen, chief investment officer, Wells Capital Management.
His favorites include BMC Software Inc., Compuware Corp., Dollar General Corp., Novellus Systems Inc., WorldCom Inc., Teradyne Inc. and Capital One Financial Corp.
TV TALK: From the "Nightly Business Report" (PBS): "Fifty percent of U.S. workers have no pension plans. ... Eighty percent of people facing retirement have less than $45,000 in assets. ... Forty percent of U.S. families have no savings. ... To retire from a $40,000-a-year job, retirees need about $600,000 in assets to replace lost earned income."
WALL ST. WATCH: "Tobacco and retail are two sectors with good, undervalued stocks that are cheap." (David Dreman, investment manager)
"Twenty percent-a-year returns are over for a while; there is not a lot of money around to drive stocks much higher." (Byron Wien, chief strategist, Morgan Stanley Dean Witter & Co.)