How to Make International Plays Without Getting Played

"The U.S. economy has turned down sharply. Risks continue to be to the downside," Treasury Secretary Henry Paulson explained at a Council of Institutional Investors conference last week. But just because we're going through a hard patch here at home doesn't mean your portfolio needs to take a hit.

Buy American? Not Today.

"Buy American." It's a battle cry that's been used by domestic auto manufacturers like Ford (F Quote) and GM (GM Quote) for decades. However, ask our country's top corporate executives, and chances are, you'll hear that sentiment isn't true for stocks -- at least, so far this year.

"There is no growth in the [U.S.] economy right now," FedEx (FDX Quote) CEO Fred Smith told Reuters in an interview last week. ...