Cadence Capital Limited - Special Call Transcript
Ladies and gentlemen, welcome to the Webcast Audiocast for March 2020 for Cadence Capital Limited. As I'm sure you're no doubt aware, the global financial markets have fallen over 30% in the last 4 weeks, signaling that major indices have entered their first bear market since the global financial crisis. Investor sentiment has swung from greed to fear on the back of the economic impacts of the speed of the coronavirus.
The market fall over the past 4 weeks can be broken down into 3 stages roughly. Investors initially largely dismissed the extent of the social and economic impact of COVID-19. And stocks that had led the market higher in recent years largely held up, in actual fact, investors saw this as a buy-the-dip opportunity.
The second phase was an acceptance that the coronavirus may be much more serious than was initially thought and have more serious economic consequences, and in general, all stocks sold off. The current phase that we've been through, in particular in the last
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