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Greetings, FredCrist, and welcome. You wrote:

<<My father-in-law is 90 and has about 150K in a managed account. He is not using any of this but he is very worried about the Y2K thing and wants to protect his capital. He doesn't know much about financial matters (neither do I, but with TMF's help I am learning!). We need suggestions about what to do. We are thinking about just parking the money in a Schwab money market fund until after the first of the year and getting back into the market after everything settles down.>>

What you are trying to do is predict the direction of the market and time your exit and entry to preserve your capital. That approach might work, but not with any degree of consistency. Too often fear drives many folks out of the market when prices are at a low, and they reenter when prices are at a high. The market moves rapidly, literally in hours. If you get out now, will you know when the bottom has been reached so you can return before prices get out of hand? Timing by and large is an ineffective strategy.

That said, your father is age 90 and realistically has but a few years of investing ahead of him. Therefore, especially since he doesn't need the income or inflation protection anyway, because he doesn't want to take a risk on what might occur (however immenent or remote that may be), then by all means he should park it in a stable money market fund until he is comfortable once again with reentering the market.

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