How a librarian taught herself to invest and retired early

Diane Bronson can smile now, but the librarian was really worry when she pulled her money out of stocks in 2008.

NEW YORK (CNNMoney)

At least, she thought it was a bad move. She yanked all her money from the stock market and put it in cash.

"I decided to sell in a panic," she says. "That was in January 2008 before everything went to hell."

It went against every investment instinct the former librarian had developed over the years. She was a "buy and hold" kind of investor who prided herself on patience and a long-term focus. For decades, she put her money into growth-oriented mutual funds.

But her hunch paid off.

She avoided the worst of the downturn when Lehman Brothers fell in September 2008. She later got back into the market and has since enjoyed one heck of a bull run the past five years. Her portfolio now provides a quarter of her retirement income and allowed her to retire early in 2012.

"All my life, I've been a 100% stock-invested, buy-and-hold kinda gal, but after watching my life savings drop by nearly half from 2000 to 2002 and take another three years to get back to their 1999 level, I just wasn't able to see that close to a 500-point drop without my stomach dropping as well," she wrote in an e-mail, referring to the wobbles in the market in January 2008.

Related: What's a mutual fund?

Before she had always stayed put, remaining in the market even after the dot-com crash in 2000. In fact, her portfolio only recovered from that downturn in 2005, so it was scary for her to abandon everything in a gamble to save her funds.

She ended up parking her savings in money market funds, which were experiencing their own turbulence, though not quite as bad as the stock market.

"I didn't have another five years to waste getting nothing out of my money," she said

Bronson never considered herself much of an investor. In the early days of her career, she had little to play around with.

Then she began to take her retirement and savings funds more seriously. A librarian for more than two decades, it figures that her introduction to the world of investing started with a reference book on mutual funds.

She goes through four or five books per week, and many of them have been investing books over the years. She's forgotten the name of that first one, but one favorite, is the value investing classic "A Random Walk Down Wall Street."

"Tell everyone to go to their 332s," she said, referencing the section of the Dewey Decimal System covering financial economics.

She still uses her local library's resources to better understand the markets, including taking advantage of a MorningStar subscription available there. She also checks the market daily, reads a lot and looks over research notes from Vanguard, which operates the funds she uses.

Related: Tell CNNMoney about your investing experience

Mutual funds are still her preferred form of investing, because she doesn't like trying to time the market. She dabbled a bit early on by trying to pick individual stocks, but her returns were underwhelming.

"Bulls make money and bears make money, but pigs get slaughtered," she said. "I was a pig, and I got slaughtered."

Since the financial crisis, it's been a bit of an adjustment for her to diversify. Sometimes she compares investing notes with her father, and she gets envious that he's kept all his money in cash and stocks.

"I would never buy bonds before, and I never understood why people make any money in bonds," she said. But now she has a quarter of her money in bonds. She's also moved into larger-cap stocks in a quest for stability.

She counts herself fortunate that her gambit allowed her to retire two years early. Her investments have provided a nice supplement to her pension. Had she not had that safety net, she would have been a lot more fearful during the downturn.

She's not as worried about timing the top of the market this time. All she wants is peace, calm and steady returns to carry her through her golden years.

"I don't know what I'll do the next time the market seriously dives," she said. "I can't expect to be this lucky twice in a lifetime."

First Published: July 5, 2014: 7:31 AM ET

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Don't ditch your U.S. stocks just yet

NEW YORK (CNNMoney)

Even though the Dow has soared above 17,000 Thursday, and the S&P 500 is already at levels most strategists weren't expecting until December, market veterans believe domestic equities are still the only game in town.

To put it bluntly, don't sell your stocks yet.

The alternatives just don't sound very appetizing. Bonds are also expensive, foreign stocks often experience more turbulence than American ones, and cash has been a losing proposition for years.

"I'm a huge believer in the U.S. equities market. We're seeing so many data points that really support Dow 17,000 -- and then some," said Peter Kenny, chief market strategist at financial technology firm The Clear Pool Group.

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Valuation jitters: Calls for the market to take a break have grown louder as the Dow and S&P 500 shatter record after record, making stocks more expensive along the way.

Yet stocks haven't exactly gone through the stratosphere this year. The S&P 500 is up a solid 7% so far this year, much more modest than the 27% surge last year.

One of the best gauges to see if the market is overvalued is the price-to-earnings ratio -- dubbed the P/E ratio for short. The S&P 500's trailing price-to-earnings ratio has climbed a healthy 33% since the bull market began in 2009. But that pales in comparison with historical norms.

The median bull market P/E expansion since 1928 of 66.7%, according to Bespoke Investment Group.

"It's hard to make the case the bull market is going to end this year or that we're poised for some massive pullback. Valuations are elevated, but not far from historical averages," said George Pearkes, an analyst at Bespoke.

Related: CNNMoney's Fear & Greed Index

In other periods when the U.S. has had such low inflation and low interest rates, valuations have been much higher than they are now.

There are also real signs that the economy has zoomed back to life after a weather-fueled contraction in the first quarter.

Pending home sales soared 6.1% in May -- the strongest gain in 2.5 years -- while new home sales surged 18.6%, a pace unseen since 1992.

Even the labor picture is looking much better. Including the impressive 288,000 jobs added in June, the U.S. has now added 1.4 million jobs during the first six months of 2014, the best growth since 2006.

Bullish feelings about the U.S. economy could be bolstered further by earnings reports this week from major companies like Alcoa (AA) and Wells Fargo (WFC).

Related: Highest July 4 gas prices in 6 years

Scant alternatives: Even if you're not sold on U.S. stocks, the alternatives don't sound great.

Take bonds, which shocked many on Wall Street by rallying in the first half of the year.

But this asset class carries real risk as the Fed moves closer to raising interest rates. There are few upside rewards to buying now.

"Our monetary policy, which is just so extraordinarily accommodative and unconventional, has altered the investing landscape. It's reshaped risk-and-reward profiles," said Kristina Hooper, U.S. investment strategist at Allianz Global Investors.

While many Americans scarred by the financial crisis have stayed in cash, that's been a losing bet as well. They not only missed out on the bull run, but were stuck with virtually no returns in their savings accounts.

According to Allianz, socking away $2.9 million in cash in 2007 translated to $100,000 in income through interest payments. Yet by the end of 2013, it would have taken a whopping $100 million to generate that same $100,000 of income.

Commodities are a great way for investors to diversify, but rarely should they be the biggest allocation for retail investors, especially amid relatively tame inflation.

Pearkes said it makes much more sense to find exposure to commodities by scooping up various sectors of the stock market. For example, the energy sector has soared 13% so far this year, doubling the S&P 500's advance.

The utilities sector, up 12% on the year, has also been a favorite proxy for investors who believe rates will stay low for longer. That's because lower rates make high-dividend stocks like utilities more attractive.

What about overseas? Some foreign markets have crushed U.S. stocks so far this year, including red hot ones like Argentina and Denmark.

But market veterans warn that going abroad exposes retail investors to currency risk, political headwinds and extreme volatility in some cases.

Related: 5 hottest stock markets in the world

For example, while Dubai's market has returned 17% in 2014, it recently tumbled into a bear market (20% below previous high) due in part to jitters about the company that built the world's tallest tower.

Foreign stock markets also often lack the transparency, rule of law and regulatory oversight that U.S. equities enjoy.

"I would take our capital market framework over any in the world," said Kenny.

Still, short-term U.S. investors need to be aware of downside risks in the short term, Hooper said. These include the chances the Fed hikes rates sooner than expected, another debt showdown in Washington and geopolitical crises in Iraq, Syria and Ukraine.

Investors with less than a one-year time horizon should consider rotating into more defensive stocks or even taking some gains off the table, Hooper said.

But for long-term investors, exposure to equities is a must if they want to reach their retirement goals.

First Published: July 6, 2014: 9:23 AM ET

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Americans' baby photos and resumes among NSA spy haul

NEW YORK (CNNMoney)

That's according to new disclosures based on documents Edward Snowden, the former National Security Agency contractor, gave to The Washington Post -- disclosures that show just how easy it is for Americans' private conversations to be swept into the spy agency's traps.

Snowden provided the Post with what it said were 160,000 intercepted conversations, including e-mails, instant messages, photographs, social network posts and other documents. The trove included messages exchanged from 2009 through 2012, and some were hundreds of pages long.

Nearly 90% of the individuals -- or accounts -- whose information was obtained were not federal targets, but rather ordinary Internet users, a Post analysis found. Some had visited online forums in which targets chatted, or exchanged e-mails with a target, and "were caught in a net the agency had cast for somebody else," the Post reported.

Some were identified by either the government or newspaper as Americans. It said NSA analysts censored 65,000 references to Americans' names, contact information or other details. The paper found almost 900 "unmasked" e-mail addresses "that could be strongly linked to U.S. citizens or U.S. residents."

Related: Why China is stealing America's corn seeds

The Post said the agency's standards for classifying someone as a foreigner could apply to "tens of millions of Americans," such as those who log into an e-mail account when traveling outside the country or use proxy servers located outside the U.S.

At least one subject was classified as foreign simply because the person communicated in a foreign language.

CNN's inquiries of the NSA were not answered on Sunday. The Post said it withheld several significant conversations that were within the documents at the request of unnamed government officials.

Related: How the NSA can 'turn on' your phone remotely

Past revelations based on Snowden-provided documents have shown how the U.S. government taps private accounts, scoops up personal data and hacks Internet security measures. Sunday's disclosure sheds light on what the government collects through some of those efforts.

President Obama and national security officials have defended certain programs as important for national security and subject to appropriate restrictions. But privacy advocates and some lawmakers remain unsatisfied.

First Published: July 6, 2014: 3:53 PM ET

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Plasma TVs are just about dead

It's the end of the line for Samsung's plasma TV's.

NEW YORK (CNNMoney)

Samsung confirmed Thursday that it was shutting down its plasma TV business "due to changes in market demands," choosing instead to focus on curved and ultra-high-definition models that use LED technology. The news was first reported by Reuters.

Samsung's announcement follows news last year that Panasonic had decided to stop making plasma panels. Seoul-based LG, the last major international plasma TV manufacturer, is also planning on shutting down plasma production, according to South Korea's Yonhap News Agency.

Manufacturers are increasingly looking to LED and LCD screens as they develop the next generation of TV sets. Veronica Thayer, a consumer electronics analyst with IHS, said the last shipments of plasma TVs for American retail shelves will come by the end of this year.

There are still a few Chinese companies producing plasma TVs, Thayer added, but those too will likely be gone by 2016.

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Plasma TVs are composed of pixels filled with gas that light up in different colors when they're hit with an electrical current. LED and LCD televisions uses screens made of liquid crystals that are lit up from behind to create images.

Plasma TVs offered what many considered to be the best picture quality on the market in the past few years, albeit at higher prices than LCDs. They gained favor thanks to their brighter images, warmer tones and wider viewing angles.

But plasma screens are now being supplanted at the high end of the market by LED technology, which offers comparable picture quality on thinner screens that use less power.

IHS reported last month that plasma TV shipments dropped 16% globally in the first quarter versus a year prior, and that they "are on their way out of the industry permanently."

First Published: July 3, 2014: 12:00 PM ET

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Subaru recalls 660,238 vehicles over brake lines

Subaru is recalling more than 660,000 vehicles for potential corrosion of the brake lines.

NEW YORK (CNNMoney)

The recall covers vehicles that are currently, or have ever been registered, in what Subaru calls the "20 salt belt states" - where salt is used to melt ice and snow in the winter months.

The Japanese automaker said brake lines in some vehicles run the risk of corrosion and may affect the driver's ability to stop.

The models affected are 2005 through 2009 Legacys and Outbacks, 2008 through 2011 Imprezas, 2008 through 2014 Impreza WRX/STIs, and 2009 through 2013 Foresters.

Related: General Motors recalls 8.4 million vehicles

Subaru says it discovered the potential problems in its own testing. Brake lines could perforate after exposure to seven or more winter driving seasons. In a letter to the National Highway Traffic Safety Administration, the automaker says the perforations could cause brake fluid to leak and that in turn could cause the "driver to misjudge the amount of brake pedal travel required to achieve the desired stopping distance."

Related: Chrysler recalls 696,000 minivans and SUVs

Subaru of America spokesman Michael McHale told CNNMoney, "No accidents or injuries have resulted due to the operation of the vehicles."

First Published: July 3, 2014: 12:15 PM ET

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Obama wants more financial reform

NEW YORK (CNNMoney)

He said big banks need additional restraints from making bets that leave taxpayers "holding the bag."

"That's going to require some further reforms. That's going to require us looking at additional steps that we can take," Obama said in an interview with the public radio program "Marketplace."

He suggested some would come from Washington and other changes require "restructuring the banks themselves -- how they work internally."

"We have to continue to see how can we re-balance the economy sensibly, so that we have a banking system that is doing what it is supposed to be doing to grow the real economy, but not a situation in which we continue to see a lot of these banks take big risks because the profit incentive and the bonus incentive is there for them," he said.

Related: It pays well to work in the White House

Meanwhile on Wall Street, many big banks are making their own internal changes, shutting down the profitable but particularly risky speculative trading units.

And regulators have been slow to flesh out how the industry reforms Congress passed in 2010 will work. Just over half of the nearly 400 federal rules required under Dodd-Frank have been finalized, and nearly a quarter haven't even been proposed, a key early step in the rulemaking process, according to Davis Polk, a financial industry law firm.

But federal prosecutors have stepped up their tactics against misbehaving banks, settling charges with guilty pleas for the first time in decades. In May, Credit Suisse (CS) pleaded guilty to tax evasion-related charges, and this week, the French bank BNP Paribas (BNPQF) entered guilty pleas related to sanction violations and agreed to pay nearly $9 billion in penalties.

It seems unlikely additional financial industry reforms would move smoothly through divided Washington, and the majority of Obama's efforts on the economy have focused on wages and college costs. He has pledged what he calls a pen-and-phone approach to accomplish his priorities through executive orders and the bully pulpit.

First Published: July 3, 2014: 1:54 PM ET

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2 victims' families reject GM's $1 million offer and want their day in court

Brooke Melton died in 2010 when her Chevrolet Cobalt spun out of control, hit another car and rolled off the road.

WASHINGTON (CNNMoney)

Instead, they want to take GM to court.

"We want to continue with our civil case against GM (GM) and get at the truth of what happened," said Beth Melton, whose 29-year-old daughter Brooke Melton died in 2010 when her Chevrolet Cobalt spun out of control, hit another car and rolled off the road.

"We want to have our day in court," she said.

Related: GM offers victims more than $1 million

On Monday, Kenneth Feinberg, an attorney and mediator hired to craft GM's plan to compensate victims, announced that families of deceased would be eligible for as much as $1 million, and possibly more, if they were in cars that crashed due to faulty switches.

GM has acknowledged only 13 deaths linked to the faulty part -- the cars that were in head-on collisions, where air bags didn't deploy.

Brooke Melton wasn't included in the 13 because her car wasn't involved in a head-on collision.

However, Feinberg's offer extends to all families who lost loved ones in the car crashes linked to switches, no matter where they sat in the car, or if the car was hit from the side.

Families who take the compensation will lose their right to sue General Motors, Feinberg said.

That's too much to ask, Beth Melton said. Last September, she settled a lawsuit against GM. But after finding out that GM knew for over a decade that the faulty switches led to car crashes, her family wants to reopen their case.

"The deal they're offering sounds like a good one for families who have no other choices," Beth Melton said. "But it doesn't change our minds about not participating."

Related: GM victims' families face tough choices

The families of Natasha Weigel, 18, and her friend Amy Rademaker, 15, both of whom died from car crash injuries in October 2006, after their Chevy Cobalt hit a tree in St. Croix County, Wisconsin, are also weighing their decision.

Natasha also wasn't originally counted by GM on their list of 13 deaths because she was in the backseat, which lacked an airbag.

Even so, Ken Rimer, Natasha's step father, said he and his wife Jayne Rimer will probably also pass on the $1 million deal being offered by GM.

"We're looking at the loss of her life, and a million dollars, that's a little concerning," said Ken Rimer. "I understand it's a starting point. . . .but I don't see this as something we'd take advantage of."

Several other families, including Amy Rademaker's mother Margie Beskau, said they plan to thoroughly review the details of the compensation being offered.

Daryl Chansuthus said she was also thinking it all over. Her 25-year-old daughter, Hasaya "Seyde" Chansuthus, died when her Chevy Cobalt hit a tree in 2009. The airbag failed to deploy.

"I appreciated Feinberg's openness," Chansuthus said. "But I'm still questioning: How do you do this? Can anything compensate the loss of someone you love?"

While she wants to finish dealing with GM about her daughter's death "sooner rather than later," she plans to talk to her attorney before making any decisions.

First Published: June 30, 2014: 2:31 PM ET

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General Motors recalls 8.4 million vehicles

NEW YORK (CNNMoney)

The automaker on Monday announced six new recalls involving more than 8.4 million vehicles worldwide, most of those for faulty ignition switches. The majority are in the U.S.

The sum of vehicles recalled Monday amount to the company's largest single day of recalls this year. In addition to the ignition switch recalls, the automaker is recalling vehicles for faulty wiring and fasteners.

The latest vehicles recalled are connected to three fatalities, seven crashes and eight injuries, GM said. It said there "is no conclusive evidence that the defect condition caused those crashes."

GM (GM)'s recalls have led the industry to recall more U.S. vehicles in the first six months of this year than any full year before. This recall brings General Motors' U.S. total in 2014 to more than 27 million, approaching the 30.8 million industry-wide record set in 2004.

Related: GM's culture blamed for current crisis

GM alone has recalled more than 10% of the nearly 253 million vehicles IHS automotive says were on the road at the beginning of this year.

Worldwide, the automaker has recalled nearly 30 million vehicles this year.

The automaker also announced it is adding $500 million to the charge against second-quarter earnings it is taking for recalls, bringing the total to $1.2 billion.

Related: In just six months, automakers pass recall record

Monday's ignition switch recalls include several models predominately from the late 1990s and early 2000s:

• 1997-2005 Chevrolet Malibu
• 1998-2002 Oldsmobile Intrique
• 1999-2004 Oldsmobile Alero
• 1999-2005 Pontiac Grand Am
• 2000-2005 Chevrolet Impala and Monte Carlo
• 2004-2008 Pontiac Grand Prix
• 2003-2014 Cadillac CTS
• 2004-2006 Cadillac SRX

The recall also involves:

• 2011-2014 Chevrolet Cruzes; 2012-2014 Chevrolet Sonics; and 2013-2014 Chevrolet Traxs, Buick Encores and Veranos for an issue with the engine block power heater cord.
• 2014 Chevrolet Camaro and Impala, Buick Regal, and Cadillac XTS for a fastener that may be missing.
• 2007-2011 Chevrolet Silverado HD, GMC Sierra HD equipped with an auxiliary battery because a power issue can cause a fire.
• 2005-2007 Buick Rainier, Chevrolet TrailBlazer, GMC Envoy, Isuzu Ascender and Saab 9-7x; 2006 Chevrolet TrailBlazer EXT, and GMC Envoy XL for an electrical short that can disable the power door lock and window switches.

General Motors has come under criticism for a decade-long delay in publicly revealing an ignition switch flaw that resulted in at least 13 deaths and numerous injuries. The company retained attorney Ken Feinberg to develop a victim compensation plan, which he outlined earlier Monday.

CEO Mary Barra has apologized for the delay and promised internal reforms after a review she commissioned found "a pattern of incompetence and neglect" but no evidence of a broad conspiracy to cover up the issue. Fifteen employees, including executives, were fired or left the company.

She said Monday the company has "worked aggressively to identify and address the major outstanding issues that could impact the safety of our customers."

The company is still the subject of several investigations, including a criminal probe and Congressional inquiries, and dozens of lawsuits.

Trading in GM stock was halted prior to the announcement. It resumed shortly after and ended the day down less than 1%.

First Published: June 30, 2014: 2:50 PM ET

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Chrysler recalls 696,000 minivans and SUVs

Chrysler Town & Country and the Dodge Grand Caravan minivans on the assembly line in 2007.

NEW YORK (CNNMoney)

About 525,000 of those are in the U.S., Chrysler said Monday.

In affected vehicles, the key can too easily be knocked into the "off" or "accessory" positions while the car is being driven. This deactivates the airbags, power steering and power braking.

Jarring road conditions, such as a hitting a pothole, may cause the key to move out of the "run" position.

Related: General Motors recalls 8.4 million vehicles

The new recall includes some Dodge Journey SUVs, Dodge Grand Caravans, and Chrysler Town and Country minivans that were made between Jan. 2007 and Aug. 2009. It is an expansion of a recall first issued in 2010 that included vehicles manufactured between Aug. 2009 and June 2010.

The recall comes after the National Highway Traffic Safety Administration began investigating the issue because it had received complaints of the problem.

Chrysler will notify owners about when they can take their vehicles to a dealer to be fixed. Until then, they should remove all items from their key rings, leaving only the ignition key.

A Chrysler spokesman said the automaker is unaware of any related injuries.

GM's ignition switch problem, on the other hand, is linked to at least 13 deaths and even more injuries. It led to a number of lawsuits and investigations into why the automaker did not recall the vehicles earlier.

First Published: June 30, 2014: 7:28 PM ET

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Stocks: 2014 half-time report

After a tumultuous start, the S&P 500 has continued its record rise this year.

NEW YORK (CNNMoney)

While the all-important monthly jobs report comes out on Thursday (a day earlier than usual because of the three-day weekend), there's not much else on the economic or earnings calendars to move the markets.

But as the first half of the year comes to a close this week, we here at CNNMoney are in a reflective mood. After all, you can't know where you're going until you know where you've been.

Here's what you need to know about the markets year-to-date, and what to possibly expect for the rest of 2014.

The calm after the storm: It wasn't pretty at first. After a record run in 2013, stocks were hit by turmoil in the first quarter as harsh winter weather dampened corporate profits and the emerging markets rapidly sold off as investors worried that the tightening of Federal Reserve's easy money spigot would reverberate to those countries that were relying on cheap foreign investment to fuel growth.

Throw in the crisis in Ukraine, it it looked like investors were in for a wild ride.

But warmer Spring weather eventually came, the emerging markets' fears subsided, and the tense standoff between Russia and the West has seemingly been dialed back for now.

Related: Russian markets: They're baaack!

Stocks have been the "little engine that could," slowly pushing higher. The S&P 500 closed at a record high 22 times this year, according to Jeffrey Hirsch of the Stock Trader's Almanac.

The blue chip index has gained about 6% so far this year, and the tech-heavy Nasdaq is up 5%. The Dow's rise has been less pronounced, but it is still positive at about 1.6%.

Even emerging markets have rebounded. The iShares MSCI Emerging Markets ETF, which was battered in the first quarter, is now in positive territory for the year.

Further, as companies take advantage of a rising stock market and ultra-low interest rates, mergers and acquisitions activity and initial public offerings have been hot this year. GoPro (GPRO) is the latest mega success, having jumped 50% since its debut on Thursday.

Winners and Losers: The stocks with the most gains so far in 2014 have come from a wide range of sectors. In the S&P 500: Keurig Green Mountain Coffee (GMCR) has jolted up 65%, while Electronic Arts (EA, Tech30), the best performer on CNNMoney's Tech 30 Index, has soared 55%.

Southwest (LUV)and Delta Airlines (DAL) have both climbed over 40%, and Under Armour (UA) has risen around 35%.

In the loser category, Coach (COH) has taken the worst with an almost 40% decline, while Whole Foods (WFM) has dropped over 30%. Staples (SPLS), Bed Bath & Beyond (BBBY), Best Buy (BBY), and Amazon (AMZN, Tech30) aren't far behind in the unglamorous contest for the biggest loser.

Ok, now what? What will happen in the second half of the year is anybody's guess, but that doesn't mean market strategists of all stripes aren't trying to predict the future.

In a midyear report, analysts at BlackRock said that while stocks aren't cheap, the market should continue to rise. They recommend favoring large cap stocks and cyclical sectors like energy over small cap stocks and companies in the consumer discretionary sector such as retailers.

CNNMoney's most recent survey of investment strategists finds that most are still bullish. They anticipate a 6.5% gain for the S&P 500 this year. The index is well on track for that already.

Related: Excited for iPhone 6? Check out this stock

Another question for the markets going forward revolves around interest rates. Although the Federal Reserve has maintained that it plans to keep its key federal funds rate near zero for the rest of the year, the Bank of England is likely to start hiking rates in the fall, and that could have repercussions for the U.S., according to economists from Barclays.

"The lesson here is that rate expectations can change very quickly," they said.

First Published: June 29, 2014: 8:52 AM ET

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