One of the sacred memories of an American childhood is going upscale. M&Ms, those much-loved candy-coated bits of chocolate that could salve any ouchie, are now going premium, which means fancier coatings, fancier flavors, fancier packaging...all at a much fancier price. Why? Blame it on the fancy chocolate market.

My wife is a premium chocolate junkie, which means that, in the eight or so years that we've been together, I've learned more than I ever thought possible about chocolate. I have absorbed information about chocolate liqueur, cacao percentage, cocoa mass, cocoa solids, country of origin, and all the other variables that separate the Dagoba from the Valhrona, the Scharffen-Berger from the Hershey's and the top-of-the-line from the bottom of the barrel.

Personally, though, my tastes have always tended toward the more proletarian. While I appreciate the occasional bar of 72% cocoa solids, dark Belgian chocolate, I still get a big kick out of a couple of Reese's cups, a packet of Kit-Kats, or a handful of kisses. Most of all, like millions of other Americans, I have a big, warm, candy-coated spot in my heart for M&Ms.

Over the years, M&Ms have gone through quite a few transformations. Originally given to soldiers in World War II, the peanut and chocolate candies with a hard shell were later joined by solid chocolate, almond (1988), peanut butter (1990), dark chocolate (2005), and crisped-rice (1998-2005) candies. They have been mixed with a variety of flavorings, super-sized, and even shrunk to miniatures.

I hate to be the bearer of bad news, but there is no Santa Claus, Tooth Fairy, or Easter Bunny, and it's impossible to "recession-proof" your 401(k), because no sector is immune from an economic slowdown. You can, however, take some reasonable precautions to limit the damage.

For one thing, stay the course. Unless you are in dire financial straits, don't cut back or quit contributing to your retirement fund. The stock market is your friend over the long term, though over the past few months it hasn't been much of one. Make sure that you are well-diversified and don't be afraid to get out of funds that aren't performing well and seem to have little chance of recovery. Furthermore, avoid the temptation of doing anything rash like liquidating your 401(k) because of worries about the market, since the tax consequences are severe.

Figuring out why a fund is performing poorly isn't difficult given the huge amount of financial information on the web. Remember, historically some sectors in the stock market such as health care and consumer staples such as Coca-Cola do well when the economy slumps. IBM and other companies with large overseas business also are being helped by the weak dollar. There are losers, such as financial and industrial stocks. Even tech companies, including Google, are in Wall Street's dog house. No company, though, will escape the recession unscathed, and anyone who thinks otherwise is kidding themselves

The stock market's wild gyrations over the past few months have frightened even hardened Wall Street investors, so it's understandable that individual investors are petrified. But the difference between pros and amateurs in the investing game is discipline. They look at their portfolios the way that a boss looks at their employees, and they get rid of poor performers. Under no circumstances will they fall in love with stocks or out of love with them. The same goes for funds.