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NEWS: Scroll down for markets analysis and fund updates

Why we believe bear markets
are the best time to invest

When hamburgers go down in price, we sing the ‘Hallelujah Chorus’ in the Buffett household.

When hamburgers go up in price, we weep. For most people, it’s the same with everything in life they will be buying – except stocks.

When stocks go down and you can get more for your money, people don’t like them anymore.”

Warren Buffett

We don’t track burger prices, but Pendal investment managers are closely monitoring markets for emerging opportunities right now.

Just as burger fans love lower prices, equities investors should feel joy when they see lower price-to-earnings data.

This graph compares 50 years of P/E data in major markets to subsequent annualised five-year returns.

It shows that entering the market when P/Es are low has tended to result in higher future annualised returns (on average).

5yr Subsequent Annualised Returns
Mouse over the chart for more information

P/E ratio

This chart shows big stockmarket falls are a potential opportunity to access positive future annualised returns.

It draws on a broad, 149-year S&P 500 data set to show equity returns following significant drawdowns in bear markets.

History tell us the odds of achieving very good returns can be skewed in your favour when investing during a bear market. 

Proportion of subsequent returns (next five years % p.a.) after a decline of 20% or more - Mouse over the chart for more information

Subsequent return within the stated range

Resource centre

Date Name Investment Capability Type
12/05/2020 Focus Australian Share Fund Update Australian Equities PDF View PDF
05/05/2020 Pendal Enhanced Cash Fund Update Bond Income & Defensive Strategies PDF View PDF
24/04/2020 Pendal Property Securities Fund update Australian Equities PDF View PDF
24/04/2020 Pendal Diversified Funds – Market Insights and Fund Update Multi-Asset PDF View PDF
24/04/2020 Pendal Sustainable Diversified Fund Update Multi-Asset PDF View PDF
24/04/2020 Is your Fixed Income manager providing the right defence? Bond Income & Defensive Strategies PDF View PDF
24/04/2020 Bond, Income and Defensive Strategies Weekly Note – April 24, 2020 Bond Income & Defensive Strategies PDF View PDF
20/04/2020 Australian Equities – COVID-19 scenario analysis Australian Equities PDF View PDF
09/04/2020 Emerging Markets Spotlight – April 2020 Emerging Markets PDF View PDF
07/04/2020 Focus Australian Share Fund Update Australian Equities PDF View PDF
07/04/2020 Bond Income and Defensive Strategies Newsletter April 2020 Bond Income & Defensive Strategies PDF View PDF
27/03/2020 Pendal Concentrated Global Share Fund Update Global Equities PDF View PDF
25/03/2020 Pendal MidCap Fund Update Australian Equities PDF View PDF
25/03/2020 Pendal Smaller Companies Fund Update and Market Insights Australian Equities PDF View PDF
25/03/2020 Emerging Markets Update – March 2020 Emerging Markets PDF View PDF
25/03/2020 To QE Infinity and Beyond Bond Income & Defensive Strategies PDF View PDF
25/03/2020 What if the central bank put is worthless? Bond Income & Defensive Strategies PDF View PDF
25/03/2020 Fund Performance, Positioning and Outlook Bond Income & Defensive Strategies PDF View PDF
25/03/2020 Changes to buy-sell spreads Bond Income & Defensive Strategies PDF View PDF

This document has been prepared by Pendal Funds Services Limited (Pendal) ABN 13 161 249 332, AFSL No 431426 and the information contained within is current as at May 11, 2020. It is not to be published, or otherwise made available to any person other than the party to whom it is provided. This document is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their individual objectives, financial situation and needs. This information is not to be regarded as a securities recommendation. The information in this document may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this document is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal Group accepts any responsibility or liability for the accuracy or completeness of this information. Past performance is not a reliable indicator of future performance.