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true true true true true

Financial Consultant Says Coronavirus-Induced Market Panic Will Wane

By Bob Zaltsberg

Posted March 11, 2020

Bloomington-based Charles Schwab financial consultant Jeremy Zeichner sits in his office, Tuesday, March 10 2020.

Bloomington-based Charles Schwab financial consultant Jeremy Zeichner. (Mitch Legan, WFIU/WTIU News)

Swings in the financial markets based on worries about the coronavirus have people on edge about their retirement accounts and other investments.

Jeremy Zeichner has seen this kind of market volatility before. While it can be nerve-wracking, he says it shouldn’t cause a panic.

“Yeah, I don’t think this is unprecedented at all. This is stock investing,” says Zeichner, who operates a Charles Schwab office in Bloomington. 

He says a good analogy is what happened Sept. 11, 2001.

“Periodically there are shocks to the system. 9/11 terrorists attacked and people didn’t know what was going to happen next,” Zeichner says. “They stopped traveling and they made different decisions that they would have made otherwise. I think this is very similar. There’s a virus outbreak and it has created uncertainty around the world and people have changed the behavior. Eventually the virus will be contained and when it is, the economy will get back in order.”

READ MORE: Stock Market Volatility Amid COVID-19 Leads To Uncertainty For Hoosiers

Zeichner says he’s heard from a lot of nervous investors. Generally, the older the investor, the more worried. He says if you’ve worked your whole life to save money for retirement, of course you want to make sure it’s not disappearing.

His general advice? Stay the course.

“Don’t panic based on short-term market events,” he says. “This is what markets do. This is not unusual. This is how they operate. It’s always a good time to reevaluate whether your plan still makes sense to you."

“You shouldn’t make decisions based on the markets being way up, or the markets being way down. Make decisions based what’s going on to you and your life.”

Zeichner says investors should also remember the market has gotten so high that numerical drops are not at all the same as they were in 2008 and 2009, when markets lost nearly 60 percent of their value over about 15 months.

“The market has grown substantially since 2008,” he says. “So a thousand point sell-off today is very different than a thousand point sell-off in 2008. It’s important to understand the percentages. Also, expand your time horizon.”

In other words, consider how your investments have done in the last 12 months, rather than the last two weeks.

He notes as a point of historical reference, the Dow Jones drop of 2008 and 2009 bottomed out on March 9, 2009, at 6,547 points. It rebounded and soared over the longterm, and the Dow was still above 23,800 after the 2,000-point drop on Monday – also March 9.

Charles Schwab is a production supporter of WFIU and WTIU.

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