You may remember the “Brexit” headlines at the end of last month and the subsequent market panic that followed the U.K.’s vote to leave the European Union. The day after the vote, we sent our clients an email explaining the situation along with the recommendation to remain patient, disciplined, and not to overreact to the news.
We referenced history as evidence that each time a setback has occurred “markets have recovered and moved on to eventually set all-time highs. We feel that this time will be no different, once again.” While we were certainly confident in saying this, it even surprised us how quickly the markets recovered and did, in fact, go on to set all-time highs. U.S. stocks have done this several times since then. Of course, many investors did lose money during this event, selling near the bottom to wait until “things get better,” now wondering if they should get back in after the market has already run up again. It’s the perpetual problem of the market timer. Rest assured, patience and discipline win.
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