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Don Phillips

Don Phillips

46, managing director, Morningstar

I've been buying some funds that reopened recently, including ones like Dodge & Cox Stock, Sequoia Fund, and Longleaf Partners. These are run by the smartest people I know. If there are opportunities to come out of this rubble, these managers will be in a good position to find them. I've never been a big bond person, but in the past 18 months I've built up a significant position in short- and intermediate-term municipal bond funds from Vanguard. The yields are unbelievable, and munis are even better if you're worried about higher taxes. My father-in-law called last night, pondering whether he should make some big move. I reminded him of what Jack Bogle of Vanguard said: "Don't just do something, sit there."