Ask Doc For lots of folks, it felt like it came out of nowhere...
On September 29, 2008, the stock market crashed. The Dow Jones Industrial Average fell nearly 7%... a massive 774-point drop. The S&P 500 Index dropped nearly 9%. On October 3, Congress passed a bill to bail out failing banks, which then-President George W. Bush signed into law within hours.
After a partial recovery, stocks crashed again on October 9. The Dow fell 700 points. Stock markets around the world experienced similar crashes. And countries around the world followed the U.S. into recessions.
Walking the floor of our customer-service department at Stansberry Research's headquarters in Baltimore, you could feel the panic of subscribers on the other ends of the phone lines. Representatives spent all day reassuring our readers that we'd be here to help them get through this crisis.
I told my Retirement Millionaire subscribers that times like these often offer plenty of buying opportunities. But that's a hard message to hear if your retirement account got cut in half within just a few months.
In the years since, there's been a lot of discussion about what caused the Great Recession and how we can prevent another.
Some people reading this now might not remember what having investments at the time felt like. Folks were understandably scared. And among those who do remember it, many wonder when the next big crash will hit.
Sure, we've had some road bumps over the past 16 years, but nothing that feels quite the same as the Great Recession.
But that doesn't mean another crisis won't – or can't – happen again. That's why I'm always telling my readers to keep their money in the markets to take advantage of great opportunities... but to also remain prepared for the worst.
According to my good friend and Stansberry Research founder Porter Stansberry, major cracks are starting to show. Porter says that this year will see "the greatest legal wealth transfer in human history." This means a reset of the $130 trillion market that is at the center of the entire Western economy.
Porter warns that, "When that happens, if you haven't taken the necessary steps to prepare your portfolio, I fear it will be too late."
To learn how you can protect yourself from – and capitalize on – this imminent financial event, click here now.
Now, let's dig into the Q&A... As always, keep sending your comments, questions, and topic suggestions to [email protected]. My team and I really do read every e-mail.
Q: What's your opinion on olive oil? Have read that the olive oil you buy at the store is not very good or could even be fake. Thanks. – P.H.
A: A quick stroll through your grocery store will reveal a few different types of olive oil. The differences are in the pressing and refinement processes. And you'll also find different tiers of quality, though you won't see literal "fakes" at a legitimate supermarket.
Extra virgin is the highest-quality olive oil and uses no chemicals in the pressing process. It should also be cold pressed because higher temperatures affect the quality of the oil.
Extra-virgin olive oil contains monounsaturated fatty acids ("MUFAs," which – like PUFAs, or polyunsaturated fatty acids – are another healthy form of fat that promotes cardiovascular health and provides vital nutrients) and the most antioxidants compared to other olive oils. It's the type we recommend adding to your diet.
Other types include virgin (which has a higher acidity due to riper olives), pure (a mix of virgin and refined olive oils), and light (which refers to the lighter taste).
And keep in mind, a specialty shop will always tell you their stuff is better than the competition. But wherever you're shopping, here's how you can tell for yourself whether you're getting the top quality...
Read the label – Some of the cheaper brands claim to be from Italy, for example, but if you look at the back of the bottle, the label probably lists several countries where the olives might be from. Try looking for single-origin brands.
Glass is best – If the oil experienced problems when it shipped (including mishandling or exposure to heat), a plastic container could leach chemicals into the oil.
Buy dark bottles – Clear bottles allow too much light to pass through, which can reduce the oil's quality.
And if you haven't already, read our issue addressing the recent "fake olive oil" headlines here.
We know that not everyone lives in an area that has lots of olive oil options. Two of my researchers have used OliveOilLovers.com to order for themselves and their families. You can find olive oils from all over the world, different harvests, and many different types of oils. And the company takes special care to keep the oil temperature controlled and away from light. (We don't get any compensation from recommending this company.)
While we're on the subject, let me restate that I love using olive oil as a substitute for less healthy cooking oils, salad dressing, butter, or margarine. (Stop using margarine immediately... It's loaded with unhealthy fats.)
Extra-virgin olive oil is perfect for dipping or for dressing salads. And you can use refined olive oil (the light stuff) as a butter substitute for general cooking (or even baking) or mix it with extra-virgin olive oil.
One concern people have when cooking with olive oil is its low "smoke point." That's the temperature at which your oil starts sending up bluish smoke. Regular olive oil (not extra virgin) shouldn't start smoking until around 406 degrees Fahrenheit, so stay below that temperature to avoid these potentially harmful fumes. Also heat your pans up slowly, run your oven exhaust, and crack a window to minimize any effects from smoky oil.
What We're Reading...
- Did you miss it? Funds don't always do it better.
- Something different: Why your small goods come in gigantic boxes.
Here's to our health, wealth, and a great retirement,
Dr. David Eifrig and the Health & Wealth Bulletin Research Team
April 26, 2024