The Globe and Mail reports in its Saturday edition from its Sept. 3 high to its Oct. 15 low, the S&P/TSX composite index skidded 1,788 points or 11.4 per cent. The Globe's John Heinzl writes, however, that even at its low, the index is only back to its levels of last February. If you had bought a low-cost index fund 10 years ago and held it through the recent correction, you still would have doubled your money, including reinvested dividends. Mr. Heinzl says focusing on the long term is incredibly important. "You have to think long term. We still like owning blue-chip dividend-paying stocks that are good businesses, and that is the best approach for anybody who has a time horizon of five years or more," says Tony Demarin at BCV Asset Management. Some investors think they can withstand a correction, but then find out they do not have the stomach for it. "A lot of people don't really know themselves," says Greg Newman at the Newman Group. Corrections are normal. They have happened before and will happen again. It is never too early to start preparing for the next one by reviewing your asset allocation, reminding yourself to think long term and keeping some cash on hand to spend when great companies go on sale.