It's been a pretty terrible year for investing so far, hasn't it? The S&P 500 index is down 14.3% this year. Higher oil prices are driving up costs and reducing profits for many companies. The housing and credit crunch is still causing problems in the general economy.

In fact, did you know that the Dow Jones industrials had the worst first half since 1970? Why not just get out of the market altogether and leave this thing to the small-"f" foolish?

Because that is precisely the wrong thing to do.

Why? Well, I'm not going to trot out Warren Buffett's well-worn phrase about when to be greedy and fearful. We all know that one. But I will show you what other famous investors are saying about market conditions like today's -- and what they're doing about it.

Read on.... and comment