The Swiss Mirabaud he distances himself from the generalized message of private banking and warns that the stock markets are going to continue their downward trend, albeit with ups and downs. In the opinion of its CEO, Francisco Gómez-Trenor, we can't think of a recovery until there is a vaccine for coronavirus or at least a palliative medicine.
The message of the majority of wealth managers in the face of the March collapses and the meager subsequent recovery has been the one that marks the manual: ask clients for peace of mind, not make hot decisions, forget about short-term volatility and think about the length, etc. That is to say, not sell now and even take advantage of the fall to take new positions if they have liquidity for it.
However, Mirabaud has adopted a more realistic message to avoid misleading investors: "We are going to keep seeing very high volatility with a downtrend. It is very difficult to have a recovery if the vaccine is not found on time or at least a palliative medicine, "said its director general at a meeting organized by the Barcelona Equestrian Circle on Friday.
According to Gómez-Trenor, "that would be definitive for the confinements to end and for the economic recovery to begin, which would take off the bagAlthough that would boost some sectors more than others, "in that first moment, practically everything would go up at once."
Until then, the Swiss private bank does not believe that there is anything that can stop the downtrend beyond punctual rebounds, not even a suppression of tariffs between the United States and China.
THE INVESTORS, LESS CONCERNED THAN IN OTHER CRISES
On the other hand, its CEO ensures that, unlike what happened in previous crises, this time the investor priority is not tracking their portfolios. "The client is concerned first about their health, second about their company and third about their portfolio, they have looked at it much less now than on previous occasions."
This would explain, at least in part, the low outflow of money from investment funds and pension plans after the initial fall in March.