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Insights from Bloomberg News columnists

Don't let fear run investments

Nothing encourages bad investment decisions quite like the darkdays of a bear market. A drop in stock prices on the order of thepast year's drubbing crushes one troublesome emotion, greed, underthe weight of another that may be just as destructive: fear.

When bears start nosing around your tent, it's easy to forget whyyou ever thought to go camping. When stocks are tumbling, it'ssimilarly tempting to conclude that your money ought to be somewhere,anywhere, else. Or at least in some stock mutual fund that's ridingout the bear market well.

But switching into funds that look good in a bad market may onlycompound your problems. If you do that, what system will you use forswitching back to good bull-market investments in time for the nextturn of the financial tide? No matter what you call that, it's market-timing-a game most people can't win.

Chet Currier

New reality may suit you better

As far as the stock market goes, well, frankly it's good news inall directions. Not only are prices returning to more justifiablevaluations, but I can assure you-based on our infallible honker forfashion trends-that from here on out, no one sporting blue hair and aring through his tongue will be invited to make a deal-pitch on WallStreet ever again.

The dot-com dress code is dead, and if stock prices will only sinka wee bit more, I think we'll be able to kiss goodbye to casualFridays as well. This could be the most salutary development in theentire market downturn: It was hell while it lasted, but it's finallygetting good to be a grownup again. So, break out the Brionis, boys.In the endless hunt for money on Wall Street, it's once again OK todress for success.

Christopher Byron

Trade legislation on slow track

The administration of President Bush is off to a bumpy start inits efforts to resuscitate America's trade policy. In contrast to itsout-of-the-box sprint on the tax cut bill, the White House hasstumbled in its efforts to push through its centerpiece of tradelegislation-fast-track authority needed to begin crucial negotiationson a series of new free-trade agreements.

That doesn't mean that Bush's trade agenda is dead, Congress-watchers from both parties say. Despite the setback, there's enoughfree-trade sentiment in Congress now to push the legislation throughlater, if both sides can compromise.

Barring a breakthrough, Bush won't be able to meet his goal ofassuring U.S. allies about passage of the fast-track bill on April20, when he attends a summit in Quebec called to launch final talkson a Free Trade Agreement of the Americas.

Art Pine

Time for a cool change in Japan

When it comes to the ailing economy, there's one thing on whichJapanese politicians and voters seem to agree: Fresh thinking isneeded. Problem is, Japan's leadership seems anything but fresh.Prime Minister Yoshiro Mori and his Cabinet are scrambling to projectan image of youthful determination, of energetic reformers rolling uptheir sleeves to fix the malfunctioning banking system and weak stockmarket at the heart of Japan's malaise.

Each day, the local media carry reports of how Mori and his teamare pumping new life into the nation. Looking at Mori & Co., it'shard to buy it. This sea of gray hair is having trouble pulling offthe youthful, energetic routine in a nation that's seen politiciansdrag their feet for a decade. If fresh thinking is what Japan needs,how about some fresh faces? The average age of Mori's Cabinet is 63.

William Pesek Jr.