It was a very long day for any investor or broker as the market dipped nearly 700 points. Understandably, there is a lot of concern in the financial world right now.
Monday, we went to a Gulfport brokerage house to find out what kind of a day it has been for brokers and investors. Most brokers were spending their day counseling nervous investors.
Broker Rives Pringle says "With most of my clients, I just tried to assure them, and let them know things will be okay." Most brokers say that although clients are concerned, the best thing to do is to be cautious, and stay calm.
Says Mike Pela, "There is too much emotion going on right now, and you can't make lifetime decisions based on emotion. Some clients were selling, but the brokers insist their numbers were small. In fact, some bold investors saw this as a wonderful opportunity to make some money.
According to Percy Kaigler, who has been in the brokerage business more than 20 years, " Most of my activity was on the buy side."
Stock brokers always preach that you should invest for the long term. The brokers we spoke with today said that although the world is in turmoil right now, if you invest in good companies, and have a long term outlook, you can't go wrong.