Traders at the stock exchange -- The Associated Press

By Sheldon Spackman

Stay Calm

Money manager advises investors not to panic during market turmoil

Mar 10, 2020 | 2:00 PM

Plunging stock markets are prompting at least one local money manager to call for calm and for investors not to panic.

Dion Zukiwsky, Branch Manager and Director of Wealth Management at Scotia Wealth Management in Red Deer, admits these are tough times for investors, but says it’s important to not make any rash decisions based on fear.

“Overall, investors have to be looking at why they’re invested in the first place,” he explains. “But as far as the markets go, I think we’re going to have some volatility for the time being.”

As an investor, Zukiwsky says your time horizon also needs to be considered.

“Are you investing for the next five days, five months, or five years or longer,” asks Zukiwsky. “That’s really the key.”

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On the markets, the S&P 500 has lost 17 per cent since setting a record month in February. If it hits a 20 per cent drop, officials say it would mean the death of what’s become the longest-running bull market for U.S. stocks in history.

Monday actually marked the 11th anniversary of the market hitting bottom after the 2008 financial crisis.

“It’s a bit of a double whammy right now where you’re seeing most recently issues between Saudi Arabia, Russia and OPEC where the Saudis and Russians have decided they’re actually going to increase oil production,” says Zukiwsky.