There isn't a day that goes by that someone doesn’t ask me what I think the best strategy is for picking stocks. Are they kidding? What do I know? It's all a big crapshoot anyway. Oh sure, there are certain things to do so that you don’t throw your money all over the place but as I've said too often in this column, it is very unwise to put all your stock in one stock or all your shekels with one person, especially if it's a relative.

If you'll note (and I'm talking to the general populace here), a good financial planner rarely tells you what specific stocks to buy. Instead, you will get a portfolio of stocks within a certain industry or sector, all of which should add up to a very wise asset allocation.

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