In these times of economic uncertainty many investors are taking a closer look at bonds and bond funds. But if individual investors are looking for a safe place to grow their savings, they should select funds carefully.

As the New York Times observed in a December 26 piece, Older Investors Should Examine the Risks in Bonds, "Because conditions may worsen before they improve, older investors should check that their bond investments are indeed what they thought they were--and that they fit their tolerance for risk." The article quoted Financial Counselors bond manager Gary Cloud: "We are in a 2 to 3 percent world, and if they want to earn more than that they need to proceed cautiously."

A WSJ January 4 piece In Search of Wall Street Bargains, carried Morningstar analyst Lawrence Jones' assessment of 2008 as an "absolutely brutal year" for most bond investors and observed: "Bond prices tumbled as investors anxious about the economic slowdown dumped corporate bonds and other obligations that carry the risk of default." Meanwhile, Treasury securities and the funds composed of them "delivered strong returns as investors bid up the prices of these safe havens."

Also on January 4, a Chicago Tribune piece, Bonds may be a shield, but they're still risky, echoed this theme. Noting that Steve Savage, editor of No-Load Fund Analyst, has advised individual investors to consider corporate bond funds and even high-yield bond funds, the Tribune warned, "Whenever yields are high, there is a good chance that financially stressed companies won't be able to repay their debts. In other words, bonds would default and investors would lose money."

Now that we know Bill Gates limits his kids' computer use -- including interactive gardening games (whatever those are exactly) -- it's certain our country's 8-year-olds are at a crossroads: How will they spend their one hour-a-day on-line? If you said E*Trade, you win.

Fielding e-mails recently, MarketWatch's Paul B. Farrell heard from a reader interested in strategies for the 'super small' investor; you know, "specific funds and allocations" for someone with only about $10,000 to work with. So Mr. Ferrell referred to an investor who, it just so happens, is a second-grader.

Kevin Roth, the 8-year-old son of a Colorado Springs financial planner, recently got "a gift" from his grandmother (who apparently sent one of those super-sized money-holding Hallmark cards), along with some advice from his father, and bought shares in three Vanguard funds -- Vanguard Total Stock Market Index (VTSMX), Vanguard Total International Stock Index (VGTSX), and Vanguard Total Bond Market Index (VBMFX) -- which is more practical than a Nintendo Wii, but come on.

Kevin exemplifies Mr. Farrell's 'Lazy Investing' strategy, which favors a safe, patient approach: "Unless you're working full-time in the financial world, you don't have the skills, tools, information, time or interest in playing the market," he says. "And even if you do play the market, the odds are you'll lose because the more you trade the less you earn; transaction costs and taxes kill returns. So... being a lazy investor is the best defensive strategy."

Kevin's strategy, says Mr. Farrell, "not only beat the S&P 500 by two percentage points last year... it actually beat all five of our lazy portfolios in 2006."

But I know what you're thinking: What about the stock picking monkey? The Chicago Sun-Times' in-house stock expert -- a 35-year-old cinnamon-ring tail cebus monkey from Brazil -- has for the past four years not only beat the S&P 500, not only beat any 'Lazy Investor' strategy, but he's totally housebroken and loves football. He only roots for the Bears, though.

B. Brandon Barker is the author of the novel Operation EMU.