Everyone knows how much the coronavirus is impacting the financial industry. But what some may not know is how the virus is impacting the stock market. We know that the virus is causing less people to travel, and for good reason. Mike Lomas gave a special interview on Spectrum News to talk about the effects of the coronavirus on corporate earnings and stock prices.
In his latest interview he talks about the financial gains throughout 2019 and how in just a few short weeks there has been a pullback. Mike goes on to say:
“Every single one of those pullbacks, there was a common theme, right? The theme was that at some point we ran out of sellers, at some point it bottomed out, and if you would have just rebalanced your portfolio along the way, you would have been better off for that when it rebounded. And I don’t think this is any different.”
But haven’t we seen this type of thing before with SARS and other epidemics? Mike goes on to say this:
“We’ve been through viruses and scares like this before. I do think there’s a very high probability that we will forget all about the coronavirus within six to 12 months. I don’t want to belittle anyone that got sick or passed away from the disease. Obviously it’s tragic.”
This whole epidemic may come to pass, but it is uncertain how long it may take. The best thing to do is make sure your financial strategy is well taken care of. If you’re worried about the coronavirus and it’s financial impact, then contact us today and we can go over all your concerns and plan the best course of action for you.
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