By my analysis, the bottom was around 23 March. Over around a month, the indexes are back up — S&P around +16%, FTSE +19%, ASX +8%, NZX +12%.
Had you followed our recommendations in March to get into this dip, you may have enjoyed some delicious returns.
I try to consider all the implications:
- Panic price falls in the order of 30%.
- Wealthy cash-rich investors circling markets for bargains; enough of them to restore prices 15% or more in the short-term.
- People losing their jobs.
- Landlords wanting out of properties that were already very marginal on yield.
And I see that old pendulum again rocking between panic-sellers and bargain-hunters. Crisis and opportunity. Fear and greed. Pain and reward…
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