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With all the worries and uncertainties coming from the coronavirus news, let’s take a look at the opinion of the US billionaires. What do they recommend to do in the times when the stock market turns red?
The attitude of a famous billionaire towards the long-term outlook for the stock market has not changed. Mr. Buffet acknowledges the risks of coronavirus, calling it “scary stuff”. During the interview, he mentioned that the spreading of the virus may be negative for the portfolio of Berkshire Hathaway (which is under control of Warren Buffet). Despite that fact, he sees the US economy strong enough and remains bullish on stocks. Among his favorite investments, he named Apple, JPM and Bank of America. He paid special attention to the stocks of central banks.
Warren Buffet recommends not buying or selling stocks based on the day’s headlines. “The real question is: ‘Has the 10-year or 20-year outlook for American businesses changed in the last 24 or 48 hours?”, - he says.
The American hedge fund manager expresses confidence that people will manage to find a way to cure the virus and the stock market will get better in June. At the same time, he admitted that he lost a lot of money this week.
Leon Cooperman sees the coronavirus selloff as a healthy correction for the market.
As the stock market goes down, the famous rich people lose their money, too. This week it was reported that Bill Gates, the Microsoft founder, lost about $2.1 billion. The Facebook CEO Mark Zuckerberg suffered a loss of $3.4 billion. None of them seem to be panicking, though. Neither should you!
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The US will reveal Non-farm payrolls on January 7, Friday, at 15:30 GMT+2 (MetaTrader time).
The US will publish the Retail Sales on January 14, Friday, at 15:30 GMT+2.
The US Markit will publish Flash Manufacturing and Flash Services PMIs (purchasing managers' indices) on June 23 at 16:45 GMT+3.
The Fed Chair Jerome Powell will testify on the Semi-Annual Monetary Policy Report before the House Financial Services Committee on June 22-23 at 17:00 GMT+3.
Canada will publish Retail Sales and Core Retail Sales on June 21 at 15:30 GMT+3.
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