'Pick your companies carefully as you re-enter the market,' Michael Farr says.
Stocks have plummeted around the world since the coronavirus pandemic spread outside of China.
Ask yourself if you're willing to buy your favorite stock at its current price today? No? Well would you buy it for $1? Yes? Then we know that you are a buyer at a price between today's price and $1. Currently, amidst a pandemic that is causing wide cancellations of travel and public events of all kinds, the near term numbers are imprecise to the point of being little more than a good hunch. Will air travel resume to Europe next month? Will the U.S. go on lockdown? Without answers to those questions earnings estimates will remain unclear.
Determine your time horizon — if you need cash in 2021, you are not a long term investor. If your time horizon is five to ten years, and if the valuation falls in a range where your discipline says it is a buy, then buy — don't worry if it was cheaper last week, or will be cheaper next week. It often takes time for strong fundamentals to prevail.
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