SUNBURY – Despite the continued increasing coronavirus fears, a 50-year financial advisor sees some hope things will calm down on Wall Street. Retired financial advisor John Shipman of Sunbury says many of the mass precautions being taken could actually be key, and it shouldn’t be long before stocks are back up, “If we take some steps to limit large gatherings, allow people to work from home, I think we can get ahead of it. The other good news is as warmer weather comes, flu viruses usually dissipate. So it’s going to be, I’d say, another month to six weeks of uncertainty.”
Shipman says the Valley’s economy is in a similar situation, “People aren’t going out to eat as much, people aren’t traveling as much. But once people are confident things are being contained I think that will turn around. I commend Bucknell for taking steps, I think that’s very prudent. I think that others can probably do the same thing.”
The World Health Organization Wednesday declared coronavirus a pandemic, but Shipman says he still only sees minor effects from it on Wall Street.
Shipman also reiterated the same advice other financial advisors are telling the public when it comes to protecting their investments; don’t let fear dictate decisions, “The markets go up and the markets go down. Neither one lasts forever, so if you have the nerves to wait it out, I believe you’ll be rewarded. The problem with jumping out now is it may take a long time to get your losses back, whereas if you sit tight, you might get them back in 2-3 months.”
Shipman says if you have money to put into the market now, buy ‘good stuff’…buy into companies that have tested time and then be willing to show patience.
