COLUMBUS, Ga.- Tyler Townsend of Townsend Wealth Management says the what the market saw in the aftermath of Britain’s vote to leave the European Union is nothing like what the country saw during the recession in 2008, but he says it leaves uncertainty for investors.
Townsend says the vote brings the question of the European Union’s effectiveness to the forefront and if its free trade will exist in the same form. Townsend believes what the country saw today was panic selling. He says it is a negative for Europe and for the rest of the world, but may be a little overdone today and things could go back up a little bit in the short term.
“From an investment standpoint, we’re recommending our clients stay the course and stay invested<” Townsend said. “The markets go up and they go down. This is one of those blips that is not easy to predict, and we feel it is better to stay invested and ride the upside when it occurs.”‘
Townsend added that big market companies concern in the matter is whether this will drag Europe into a recession, which could spill over into other countries.