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Trade Publication Article
Rough Ride
2008
Overview
Gut-wrenching periods of market volatility are hardly new. In the world of investment management, they come with the territory. For pension fiduciaries who are uncomfortable with the ebbs and flows of the market, understanding the basic principles of navigating risk is essential. Over the last 10 years, the peaks of volatility have generally corresponded with a relative weakness in stock prices. These lower stock prices have translated into good buying opportunities before subsequent market advances. While the stock market losses experienced in recent months are disappointing, they are certainly within the realm of what can be expected, given the well-documented historical market risks. Diversification is the most fundamental concept of long-term risk management and is based on the premise that different investments will perform differently throughout various stages of the business cycle. Periods of higher short-term risk and market weakness are inevitable. But people mustn't forget that it is exposure to risk that creates the opportunity to generate returns in the first place.
Publisher
Groupe Contex Inc
