It may be the dead of winter, but the stock market bears are coming out of hibernation. North American stock markets are off to their worst start in recent memory, rattling the confidence of investors. But investment managers say that doesn’t mean it is time to sell everything and stuff it all under a mattress.
Marc Cevey, chief executive of HSBC Global Asset Management (Canada) Ltd., says the recent downturn in the market is not a repeat of the 2008-09 financial crisis. “We see the conditions as being very different this time around and because of that and because we don’t view it as a financial crisis of a systemic nature, we actually think it represents a better opportunity” he said.