As the stock market continues on its generally downward trajectory, the President and CEO of the Steinbach Credit Union encourages local investors not to lose hope.

Glenn Friesen is the President and CEO of the Steinbach Credit Union.While it is true that the coronavirus scare and more recently the oil price war between Russia and Saudi Arabia have prompted markets into a nosedive, Glenn Friesen says it is important to look at the bigger picture.

He notes this is the eleventh major course correction stocks have experienced since World War II and, in every case, the markets have rebounded with increased vigor.

“I am not making a prediction,” he stresses, “but history would say that this will go down and it will come back up.”

Typically, the markets are seriously unsettled about once every 8 to 10 years, offers Friesen, and now, it has been 11 years since the last recession. In many ways, he feels this was inevitable.

“We just left the longest bull run in the history of North America, so this correction is probably due.”

Friesen says the best course of action for any one individual is dependant on their age, proximity to retirement, and the percentage of their portfolio invested in the market. While he hesitates to give blanket advice, Friesen says, for many people, the wisest thing to do is probably just to ride it out.

“Panicking is probably the worst thing you can do at this time,” he cautions, “but that being said, it is a scary market.”