Seems like it’s 1974 all over again, Reuters columnist Client Willis writes. Share prices are down 40%-plus. Scandal after scandal, the headlines scream. Oil prices are fanning high amid a Mid East crisis.

Today, in 2002, it seems like much is the same as it was back in ‘74. If it is, investors need to stay put, Willis says. An investor with $10,000 in the S&P 500 would have had $96,473 by the end of last year, compared with $36,838 in bonds or $22,399 in six-month CDs.

But as Willis himself admits, it is going to take investors a fair degree of courage to persevere.

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