How long does it take to make 3 TRILLION DOLLARS disappear into thin air… 5 days (well actually 3 since 2 of them were weekend days). Between Dec 31st 2013 and Jan 4th 2014 3 TRILLION DOLLARS disappeared from the world economy (the Dow Jones lost 1000 points during that period of time) as if they had never even existed. Hell, that is a feat that even Barack Obama hasn’t mastered… YET… (Not that he hasn’t tried mind you, or isn’t still trying)…
Feb 4, 2014 10:35 AM PT
Panic is making an enemy of telephones for Catherine Yeung, the director for equities at Fidelity Investment Management Ltd. in Hong Kong.
“My children hate that BlackBerry,” said Yeung, whose clients have been calling amid two weeks of declines that erased $3 trillion from global stocks. She’s advising calm, noting that profits are rising and shares just got a lot less expensive.
“Being a contrarian and getting in when things seem bad is often a good thing,” she said in an interview today. “The companies we are looking into can still deliver attractive margins. Things are getting cheap.”
Strategists from Goldman Sachs Group Inc. to AMP Capital Investors and JPMorgan Chase & Co. are also telling clients to hang on after losses that began with currencies in Turkey and Argentina spread to developed markets. The Standard & Poor’s 500 Index slid 2.3 percent yesterday, capping its first 5 percent retreat in eight months, while Japan’s Topix index plunged 4.8 percent for its biggest decrease since June.
Like it never even existed, as in gone forever.