At the Switzer Small and Micro-Cap Investor Day in Sydney last Tuesday, Peter Switzer asked me on stage if it was time to buy shares after Coronavirus-related falls.
My response: relief rallies would punctuate the global equities correction, but the worst was still to come. Investors who went bargain hunting in market volatility had to be prepared for the risk of further 5-10% losses over coming weeks/months.
Nobody could have anticipated what would follow on the next five trading sessions, as global equities plunged and the collapsing oil price whacked financial markets. Talk turned to the risk of global recession, a seizure in corporate credit markets and a new Global Financial Crisis.