Stock Markets May Be Tumbling But Do Not Join the Rush to Make a Hasty Exit

When you work in financial markets, as I do, it is easy to sense the pervading air of panic as stock markets tumble.

Newspapers and websites broadcast sensationalist headlines such as "Countdown to Panic Grips World Markets" and 24-hour news and business TV channels report on a minute-by-minute basis on the immediate loss of paper wealth that the world's investors are suffering – "£46bn lost on the FTSE 100 today".

Luckily, I have a little experience to fall back on, as I have worked in financial markets for the last 20 years now – and have the grey hairs to show for it. What this experience, and a cursory scan of financial market history, tells me is that we now seem to be heading into an overshoot mode.

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Edmund