Saunderson House: Seat belts fastened
In the month since our last note, the outlook for the global economy appears to have deteriorated markedly, and we find ourselves in the biggest equity market correction since 2008.
Investors are running for cover amidst concerns about, well, everything: slowing global growth, bank solvency, the oil glut and possible policy errors from central banks. Near panic conditions are causing wild volatility which, in turn, is creating further concern for investors.
In such circumstances the temptation is to sell now and ask questions later. In this note, however, we try to ask the questions first, and attempt to answer them. We conclude by offering our observations about whether it is right to join the stampede out of risk assets or stand aside.
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