The best time to pick up long-term winners is during a short-term correction near the beginning of an economic recovery.

The stock market is fixated on the short term. We all know that. It's an unusual occasion when stock analysts and investors look more than a few quarters ahead. That means stock prices often tend to respond to short-term news as if it were the only news.

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In pursuing that kind of strategy, however, too much caution is actually a bad thing. Let me explain -- and give you some examples of stocks and sectors where taking the long view will pay off.Don't fear the long term The past week or so has been a vivid reminder of how hard it is for investors to take the long view.

Many of us are convinced that over the...