Wait out a weird market - Jubak in MSN

I advise patience as we move into 2008. The risk is to the downside, and there's a good chance you'll be able to buy what you want to buy at a cheaper price later in the year. No guarantee, of course. And that makes waiting tough -- and carries its own risk.

If the prospect of sitting it out for six months is too painful, here's what I advise:

Buy, for example, 25% of what you think your final position might be when your target stock hits some normally attractive entry point, such as its 50- or 200-day moving average.

Use the time after your initial buy to see whether this really is a stock you'd like to own as a major position in any post-bottom portfolio. If it sinks to a new entry level -- say, from a 2007 low to its three-year low -- add a bit more to your position. Remember, you're not trying to hit the absolute bottom but to build a position at the best possible price for an eventual recovery in the debt markets and in the economy.