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What the experts think
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August 11, 1998: 11:49 a.m. ET
Fallout and opportunities from market tumult are there, but limited
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NEW YORK (CNNfn) - Global stock markets took a sharp dive Tuesday, leaving investors wondering what the fallout - and opportunities - will be to their portfolios. Market gurus and stock picking pros have a range of advice ….
According to international economist Maria Ramirez, bargain hunters should hold onto their hats, at least for now. "We're in a period where markets are very, very sensitive to negative news," she says, "and to the extent that the weakness of Asia is resulting in economic weakness in the U.S., I think we're going to be very, very sensitive to it."
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Investment banker Peter Solomon of Peter J. Solomon Co. isn't much disturbed by recent developments in the U.S. and Asian markets: "When you have big selling abroad, it affects the market domestically, but . . . I think this market will settle some place around here. There is nothing going on that's very dramatic."
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Senior portfolio manager at Citibank Global Asset Management Hans Nordemann sees some buying opportunities in Europe, where the bourses have been suffering sell-offs on the back of Asia and Wall St.: "You know, the old adage -- when the United States sneezes, that Europe catches a cold -- still holds true, unfortunately, in the short run," says Nordemann. But, he adds, "The longer-term situation for Europe is very sound . . . "
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