This is preparation column. I am going to prepare you for your October investment statements, which you will get in a few days. They might not look pretty.

A client of mine in California told me he and his wife have stopped looking at their statements, and I should call him when he should start looking again. Now that's funny.

It's also good advice, I would advise you to do the same. I'll call ya.

Another client said, "I don't worry about anything. The way I have it figured that is what we pay you for." He's right.

Anyway, October has not been good to us, so prepare yourself.

As I write this on Thursday, the Dow Jones Industrial Average is down about 17 percent for the month. By the time you read this over the weekend, the numbers will have changed. The volatility is incredible.

If you insist on wanting to know the numbers for the month, the Dow closed at 10850.66 on Sept. 30. You can check the closing price over the weekend.

Year-to-date the Dow is off about 32 percent. It stands to reason that you might think your October statement resembles that skirmish on the Little Big Horn a few years back. I think you likely stand a better chance at a comeback than old George did.

Don't ask me if we have hit the bottom. I think so, but what do I know?

The intraday low on the Dow Jones Industrial Average was 7883 on Oct. 10. I am hoping that was it. But I do have some observations for you.

n Insiders, officers and directors of companies have been buying some financial, energy and retail stocks. They are not always right, but many times, they understand their businesses better than you and I.

• For the first time, I am hearing fear. Buffet says sell greed, buy fear.

• Stocks are at valuations of low prices, which I have not seen for years and years, and I've been doing this for 33 years.

• Yields are high on many stocks. That means dividends as a percent of price are inviting. That assumes, of course, companies can pay their dividends.

n I didn't buy a new SUV about a month ago when they were giving them away.

• Some smart people I know are expanding their business.

• A female client from Michigan called me a couple weeks ago, and she never calls me, but she said, "Howie, shouldn't we be buying something?" Fairly bright lady.

Is this the bottom of our stock market downturn? I don't know, but many of the signs are there.

What am I doing you ask? I have already taken most of my tax losses. I choose not to wait until November or December. I like to have them out of the way. I hate last minute stuff.

I am also looking at where I might have made some mistakes. You know things have changed dramatically. It seems to me that some of the stocks we own might never come back.

You've probably heard people say, "When I get even, I'll sell it." I always chuckle at that because what if you never get even?

I am looking at ideas I think need to be changed. This little economic ditty we have been wading through has changed a lot of investment opportunities. If you think you can just buy and hold and not manage things going forward, I think you are wrong.

In my view, investment management is going to be more important than ever going forward. In many instances, buy and hold might not work. Mostly, I am looking at what I own and what I think will increase in value in the coming three to five years let's say. I think some of my stuff has to go.

Things have changed. We better get used to it. I also think November will be a key month.

My friend, Jonny, called the other day and said he heard that near where he lives, a hole was found in a nudist camp wall. The police are looking into it.

And finally, I was getting all ready to go Halloweening again this year — that is trick-or-treat to most people — but then my wife and Maddog said I couldn't go because last year all I came home with was a bag full of restraining orders.

Howie Pentony is a Butler financial adviser with UVEST Financial Services, member FINRA/SIPC.