Amid all of the gloom, some stalwart financial planners are telling their customers that there are unheard of bargains in the stock market, the National Post reports.
Admitting that some called the bottom of the market in October, then again in November, advisers note that the market could gyrate for some time to come before it returns to a steady climb upwards. For those willing to sustain a bit more volatility, now is a perfect time to take advantage of low valuations, they say.
If you are feeling depressed and hopeless, there is a good chance we are near the point of maximum financial opportunity, otherwise known as the bottom, said Murray Leith, research director at Odlum Brown.
Clay Gillespie, vice president at Rogers Group Financial, added, You will just need some patience as there should still be some significant volatility around the bottom. Robert Cable, head of The Cable Group, advised, If you want to build wealth over your lifetime, you are far better off buying than selling today. There are oodles of high-quality stocks that are two-thirds off.
For those worried about further market declines, advisers are recommending dollar-cost averaging over time, along with high-quality corporate bonds.