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Video Transcription
"Are Bank Guarantees the Solution to the Crisis?"
Host 1: Melissa Hyak
Host 2: Melvin Young
Host 2: Now for his take I spoke earlier with Todd Everts who’s CEO of the international financial services group Wall Street Global. I started by asking whether providing bank guarantees is the solution to the crisis.
Todd G. Everts: You know that’s a great question. The easiest way to answer is to break it down to two parts. Are investors going to come to the market today with fresh capital? And I think the answer is yes because valuations are low, PEs are down and there’s reasons for people to enter the market. What we’re seeing right now, just a second part to the answer to your question, we’re seeing an exodus from the market from investors that haven’t ever lived through the volatility that we’ve seen in the last few weeks and months and they weren’t prepared for it and many times those investors should have never been in the financial instruments they were in, they didn’t understand them possibly, or they just hoped that the financial meltdown that we’re going through right now was not part of their potential equation. So investors have just been receiving their statements, they’re calling their brokers, their private wealth managers, their advisers and they’re saying “Get me out of this!” And so we’re seeing illiquidity in the market because hedge funds are receiving redemptions and individual investors are pulling their money back. But there’s many new investors coming in to the market because if something made sense at $50 a share and the fundamentals of that company is still there, not necessarily a bank, maybe a manufacturer and now the stock is trading at 30 it makes even more sense.
Host 2: Todd what do you think average investors should be doing at this point? You seem to be suggesting that valuations are coming down to a level that look like it’s pretty attracted to get back in?
Todd G. Everts: Investors need to be obviously doing many things, most importantly is diversifying. So many investors rush into particular asset class or particular security because its return seemed like it had nothing to do but go up and that’s simply not the case so one of the most important things is just diversification. The second thing is making sure that the asset classes they own don’t correlate. If you invested a hundred stocks and all hundred stocks are currently acting on the same way you haven’t done yourself any real good. You need to be in asset class that don’t look like each other and in today’s world one needs to own asset classes of many different currencies because the currency markets are so volatile today.
Host 2: Todd Everts from Wall Street Global.
Host 2: Melvin Young
About Channel News Asia
Channel News Asia. Established in March 1999, Channel NewsAsia positions itself as an Asian TV News channel, fully complemented by English and Chinese online portals that provide news and information on global developments with Asian perspectives. Channel NewsAsia brings viewers not only the latest news but also the stories behind the headlines. Based in Singapore, Channel NewsAsia reports from the major Asian and key Western cities, including New York, Washington D.C., London and Brussels.
Host 1: Now as you can tell from the market’s performance today on the various
measures taken by governments today have injected a sense of optimism in the markets,
but are bank guarantees given by the governments the way to go?
Channel News Asia. Established in March 1999, Channel NewsAsia positions itself as an Asian TV News channel, fully complemented by English and Chinese online portals that provide news and information on global developments with Asian perspectives. Channel NewsAsia brings viewers not only the latest news but also the stories behind the headlines. Based in Singapore, Channel NewsAsia reports from the major Asian and key Western cities, including New York, Washington D.C., London and Brussels.
Host 2: Now for his take I spoke earlier with Todd Everts who’s CEO of the international financial services group Wall Street Global. I started by asking whether providing bank guarantees is the solution to the crisis.
Todd G. Everts: You know that’s a great question. The easiest way to answer is to break it down to two parts. Are investors going to come to the market today with fresh capital? And I think the answer is yes because valuations are low, PEs are down and there’s reasons for people to enter the market. What we’re seeing right now, just a second part to the answer to your question, we’re seeing an exodus from the market from investors that haven’t ever lived through the volatility that we’ve seen in the last few weeks and months and they weren’t prepared for it and many times those investors should have never been in the financial instruments they were in, they didn’t understand them possibly, or they just hoped that the financial meltdown that we’re going through right now was not part of their potential equation. So investors have just been receiving their statements, they’re calling their brokers, their private wealth managers, their advisers and they’re saying “Get me out of this!” And so we’re seeing illiquidity in the market because hedge funds are receiving redemptions and individual investors are pulling their money back. But there’s many new investors coming in to the market because if something made sense at $50 a share and the fundamentals of that company is still there, not necessarily a bank, maybe a manufacturer and now the stock is trading at 30 it makes even more sense.
Host 2: Todd what do you think average investors should be doing at this point? You seem to be suggesting that valuations are coming down to a level that look like it’s pretty attracted to get back in?
Todd G. Everts: Investors need to be obviously doing many things, most importantly is diversifying. So many investors rush into particular asset class or particular security because its return seemed like it had nothing to do but go up and that’s simply not the case so one of the most important things is just diversification. The second thing is making sure that the asset classes they own don’t correlate. If you invested a hundred stocks and all hundred stocks are currently acting on the same way you haven’t done yourself any real good. You need to be in asset class that don’t look like each other and in today’s world one needs to own asset classes of many different currencies because the currency markets are so volatile today.
Host 2: Todd Everts from Wall Street Global.
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