As I write this on Wednesday, the market is now down around 16% as measured by the S and P. We were down 23%, so this is another correction as we went up in a nice rally.

So, what do I think? Keep working and saving your money. At some point, there will be a great buying opportunity. Who knows, it could be right now?

People ask me what they should be doing? It is a one-word answer. Patience. You need to know what you own and make sure it is quality. I don’t mind if the market goes down. How can you buy low if it doesn’t?

People tend to do dumb things when the market is down. They sell when they should be buying. That is why people like me have jobs. Investors tend to do exactly the opposite of what they should be doing. I believe that most people cannot be investors. It’s all about short-term thinking and fear. That is why, if you are an investor, I congratulate you. You have both courage and intelligence.

Right now, politics has raised its ugly head and is affecting the market. The Fed, of which I have little regard, is being a maniac. My guess is that they will drive up interest rates and then when they have gone too far, they will have to bring them down again. Talk about investors doing the wrong thing! Most people agree that we have no leadership.

This most recent scam, my words, about forgiving student debt is shameful. Let’s teach our children that they can be irresponsible, and they do not have to pay back loans. This deal by our president will cost taxpayers billions of dollars. Even some Democrats have come out against it and are distancing themselves from the Biden administration. If this happens it will affect the markets. It will throw billions out there which helps only the kids and will find itself another inflation piece of fuel.

I am not taking a political stance. The Republicans are no better. Some of their ideas are wackadoodle.

Ok, Howie, give us some advice. This is now September and is normally a crappy month for the market. All this stuff does not help. Here is what I recommend you do this month.

You need to review your investments. Get a professional to look.

What is your asset allocation?

How much as a percentage of your investment money do you really have in the market?

What if the markets go down? Do you know how much market value you can lose?

If you can figure out everything by using the above three examples, fine. If you can’t, you need a professional. I can literally tell you by looking at your account for about two minutes what is going on and how much risk are you taking.

Periods of seasonal strength are generally October through March. Your guns need to be loaded to take advantage of that time.

Here is what you cannot do. “I’m going to get out and get back when everything is better.” Over the last 20 years, if you missed the best 10 days between 1999 and 2018, your investment returns were cut in half!! Timing the market does not work. I have been in this business over four decades. YOU CANNOT TIME THE MARKET. I know, because I have tried.

This is also a good time to look at your beneficiaries. I could tell you horror stores about people who forget to change beneficiaries on life insurance policies and retirement accounts — IRA, 401(k).

Do you know what your will says? Get it out and look at it every year.

My spouse came gliding into the Man Cave last night to tell me that her friend was getting a divorce. “She and her husband split the house. He got the outside.” She thinks she’s funny.

Howie Pentony is a client portfolio manager in Portersville

Howie Pentony