Local Financial Broker Continues to Preach Patience
Patience is a virtue, even in the world of investing.
Les Zacharias of Kootenay Columbia Wealth Management said investors who have ridden out the COVID-19 storm have benefitted from the steady and sometimes dramatic market rebound since last spring's free-fall.
“From what we’ve experienced investors have stayed very patient, they understand the long-term approach and have been rewarded for doing this.”
The Dow Jones industrial average in New York essentially returned to its pre-pandemic position with Wednesday’s rally of 454.84 points and totaled 29,100.50 heading into trading on Thursday.
However, late morning trading on Thursday saw significant declines on both Bay and Wall Street’s.
Zacharias felt there were steady and sometimes dramatic increases since COVID-19 curtailed world economic markets last April and unlike some recoveries in the past, markets have recovered without wild swings.
“On the contrary, in the past few months the markets have rebounded in a big way. In my opinion the hopes of a (COVID-19) vaccine and the economy recovering to what we call a so-called normal have driven the markets forward.”
The Certified Financial Planner from Trail called this crisis unprecedented in the financial world.
“This crisis is different than anything anyone has ever experienced before,” said Zacharias who added the political climate in the United States could be another complicating factor.
“There’s also a U-S election this fall and no one knows what that will look like,” said Zacharias who added his advice hasn’t changed.
“As always my recommendation is to stay well diversified in your investment portfolios,” said the Trail based financial broker.