Every time a huge weather system affects large parts of the country, investors hunt for related profit opportunities – and in the case of Sandy, that means "hurricane investing."
With airline flights being cancelled across the country and businesses closing down due to Hurricane Sandy, the short-term economic impact is immediately obvious. Estimates for the total costs of the storm damage range up to $20 billion, with New York and New Jersey absorbing the bulk.
As a result, the traditional sector groups will be immediately punished: insurers, airlines, retailers and refiners. Insurers are expecting losses of up to $5 billion due to the damage to automobiles, homes and businesses on the East Coast.
But even with this estimate, it is not so clear if there are any surefire investment opportunities resulting from Hurricane Sandy.
That's why Money Morning Chief Investment Strategist Keith Fitz-Gerald explained yesterday it's often best to let go of those opportunities, and remain focused on your long-term investment goals.