Leave your long-term investment money in large companies who have a good product which will always be in demand. I started accumulating my portfolio of a couple of dozen stocks when I was I college in the late 1960's. My long term friend stockbroker's few recommendations have been volatile stocks better suited for day traders to play with. He actually has quipped "What am I doing recommending stocks to you?" Stockbrokers are more fixated on day to day changes than long-term.
I have seen my bank stocks go up and down, quit paying dividends for a period, then rise back up again and pay extremely high dividends. They are on the decline now, but large banks will someday rise again. Similarly, Boeing has risen up and down over the years. Global companies like CAT, Deere and Cummins do not depend on the US economy and are getting more and more into electrical generation worldwide.
My Union Oil Company of California stock from my years with them is now Chevron. I too worry about it being my largest holding, but where else but in oil can you roll the dice today on a necessary product over the next 10 to 15 years?
put some of it in Oil drilling stocks and some in financials.........I have CVX and the others I just mentioned
When gas hits $7 a gallon it might not hurt to also have some money in some Wind Energy stocks
We are on the same boat cruising in the open ocean. Have you ever taken an cruise, such as Alaska Cruise or Caribbean Cruise? If you are on board a huge ship, you would feel just fine even if the sea is somehow choppy. However, if you select a small boat, you would go up and down with the seas.
I retired about 10 years ago with 10,000 shares of CVX stock. Every broker, money manager and financial advisor I talked to advised me to derversify. And, I talked to the "best" in the business. I did and I am sorry. Lucky for me I was stubborn about selling my CVX stock and still have several thousand shares left. However, most of the deversified investments that I made with the sale of CVX stock are OK, most have not done near as well as CVX. I would have been much better off now financially if I would have kept all of my CVX stock. As you know, the dividends are great. There you go, 10 years of actual experience. Tough call. Remember, it's your money and ultimately your call.
I worked for Getty/Texaco/Chevron for almost 25 years.
Financial advisors told me I was putting too much in Getty stock when I started my 401K. I didn't listen. After Texaco bought Getty, they told me every year that I was putting too much in Texaco stock and told me to sell most of it. I didn't listen to them. When Texaco and Chevron merged, they told me I had too much company stock and told me to sell most of it. I didn't listen to them. I retired early in 2006 - hated the moron managers, loved the stock. I had about 6500 or so shares of CVX stock in my 401 K. It was $59/share then. I had a lot of other stuff in the 401K too, but, CVX was the most. I rolled over my pension lump into some Fidelity IRAs, but kept my CVX stock in my 401K. Fidelity told me to sell all my CVX stock. They said it wouldn't get higher than $72 per share. I didn't listen to them.
My IRAs (managed by professional investors) have been up and down in the 2 years since. My 401K, which I am managing and relying on for income by myself, has been making me about $150,000 per year. I'm making more sitting on my ass not doing anything than when I was working.
I sell a little bit of stock and a little bit of my other stuff for income. I'm pretty much withdrawing similar amounts of money each month to my former monthly salary.
I'll probably sell a lot of the CVX in a few years, but, I won't sell all of it.
Besides, I can ALWAYS get a job at Burger King ("And would you like pickles and onions on that Whopper, Sir?")
ouch.. tough call. You say its a majority of your portfolio -- diversify, diversify, diversify! CVX is pretty stable -- then again, so was Enron, Dynergy, etc. So, its a tough call - the market sucks right now and oil prices are high. So CVX is doing nicely. I wouldn't sell those shares if you depend on them for income.