Payne's Perspective: March 2, 2020: Worse-Case Panic
Last week was the toughest week for the stock market since the financial crisis, as fears over the coronavirus finally triggered selling across the board.
It was the fastest retreat from a record high in history, but it was also one of the most remarkable record highs in history.
Be careful about media coverage that constantly points to the Dow Jones Industrial Average (DJIA) as “the market,” since it’s a lot less of a representation of a what’s in your portfolio or reflective of the things that will guide the future. I’ll delve into this later when I discuss buying the dip and looking at the most beaten-down stocks.
Right now, the selling rivals that of selloffs associated with SARS and MERS (12.5%), which leads us to wonder what happened to the market after those viral crises dissipated. History as a guide suggests a nice rebound, and since I think this reaction is too excessive, we could have larger rebounds.
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