KILWORTH, ONT. -- The impact of the coronavirus on the world financial markets is leaving many unsettled, including those here in Southwestern Ontario.
“There are nervous people, no question,” says Tom McInerney, a financial advisor with World Source Securities in Kilworth, Ont. a bedroom community west of London.
Like many, McInerney watched markets plummet over 10 per cent in most cases last week, causing his phone and those of many other advisors to ring.
And while he acknowledges, even with Monday’s rebound, the threat of recession isn’t out-of-the-question, he offers some perspective on what’s happening.
“There will always be an outside force. There will always be something coming out of left field. The worryright now is that might be the coronavirus that's causing that, simply because of the uncertainty.”
Still COVID-19 hasn’t yet done serious damage, McInerney belives.
"A bear market is a decline of 20 per cent or more at peak. And we didn't quite get to a bear market territory (last week). I mean, the Dow Jones would have to get down to 23,600 to hit bear market territory."
But a down and volatile market can be a positive for some.
“If you're looking at companies that you are investing in, and you'd like to invest in, and you've felt the price has been too high, and now the price has come down, there may be an opportunity here."
McInerney says those who’ve spread out their money should be fine in the long-term, but he says those nearing retirement may want to take a close look at their portfolio.
