Global stock market volatility was perfectly illustrated by movement in share prices on the Nikkei in late July and early August
The coverage was predictably breathless in the tabloid press. Even among more sober outlets, however, the headlines often gave the impression all hell was breaking loose. “$6.4 trillion stock wipeout has traders fearing ‘great unwind’ is just starting”, headlined Bloomberg. The Guardian went with: “Share market chaos explained: what’s behind the stock meltdown and will there be a recession?”
People living in Ireland don’t express stunned surprise if it rains in July, or if a storm hits the country in January. These things happen and are to be expected.The point is that August’s volatility was not abnormal – occasional market turbulence is to be expected. . You’re more likely to experience a double-digit loss in a given year than a return that is close to the long-term average, says Carlson. Note too that more than one-third of all years have seen gains of 20 per cent or more.
Making the case for calm during the 2008 global financial crisis, iconic investor Warren Buffett noted that in the 20th century, America had endured two world wars, the 1930s depression, as well as a flu epidemic, oil shocks, and “a dozen or so recessions and financial panics”. Nevertheless, the Dow Jones index rose from 66 to 11,497.
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