‘We will get through this’: Some of Canada’s biggest money managers on what to make of the market spiral
As investors try to make sense of one of the swiftest downward spirals in market history, some of Canada’s biggest money managers are advising clients to hold their nerve.
On Thursday, the S&P/TSX Composite Index plunged 12.3 per cent in the biggest one-day percentage drop since May 1, 1940 as investors assessed the likelihood of a global recession because of the coronavirus pandemic. The loonie has weakened almost 6 per cent this year against the greenback and government bond yields have plumbed record lows.
The stock index has tumbled 30 per cent in three weeks since its Feb. 20 peak, battered by concerns on the virus and plunging oil prices. That’s about twice the 15 per cent slump in the three weeks after Lehman Brothers Holdings Inc. collapsed during the 2008 financial crisis.
Before the market opened on Thursday, Bloomberg gathered with three top investors to discuss where we go