Overall, the world economy is already in cloudy weather.
Europe is still in crisis, the US is in an election year when most things are in paralysis and the economies of China and India are slowing down because of poor consumer demand in the West.
While Singapore itself remains Triple A, a topnotch place - and environment - to invest or work out your strategy, investors need to exercise extra care when deciding where to put their money.
How careful should you be?
Which are the areas to avoid, at least for the time being?
There is always money to be made, even in the worst of times.
But unless you are in the Warren Buffett class and can afford to be burnt now and then, you want to be much tighter with your cash.
The general operating principle is: When times are bad, do not invest in anything which requires large outlays of cash.
For example, property needs loads of money and it is not going to give you profits in the medium term when the economy is not so good.
Better to put your money somewhere else.
Besides property, where are the other areas of concern? These are:
• European bonds
That Europe is in crisis is not in dispute.
One contrarian view is that the larger and richer economies will have to step in to solve the debt problems once and for all and it will be back to business as usual.
But , the crisis has been dragging along for a while, with no such fairy tale ending anywhere in sight.
The greater likelihood is that the debt-ridden countries may default on their loans because it is politically hard to expect voters to bite the bullet.
And your European bonds may become worthless.