It's been yet another wild week on Wall Street.
The day-to-day volatility is a sign that investors don’t know what to do,” said David Donabedian, chief investment officer of CIBC Private Wealth Management.
Until the news about the coronavirus pandemic turns a corner, "a sustained recovery in is unlikely," Donabedian added.
Economic data will undoubtedly paint an ugly picture for the months to come, but the economy and the markets should improve in the second half of this year, he said.
The economy was in good shape before the health crisis began, so it should get back on track faster,” Donabedian added.
This is a good reminder for stock investors: long-term returns come with short-term trade offs. The selloffs may offer opportunities to snap up high-quality companies at reduced prices.
“Our goal is to take advantage of market emotion to upgrade the long-term growth potential of our portfolios,” Donabedian said.