As the stock market plunged after British voters agreed to exit the European Union, at least some members of BetterInvesting saw a chance to snap up solid stocks on their watch lists.
They were interviewed about their activities in a June 29 article by The Wall Street Journal.
BetterInvesting members and investment clubs typically have watch lists chock full of well-researched stocks, so they’re prepared to buy into the market during major market plunges triggered by world events such as Brexit.
“We see it as an opportunity,” BetterInvesting member Dene Alden, of Loveland, Ohio, told the newspaper. “We see a sell-off, that’s like a ‘for-sale’ sign going up.’”
She purchased shares of the software company Red Hat Inc. on June 24, when it was down 11 percent. According to The Wall Street Journal, retail brokerages saw a surge in trading after Brexit as people rushed to buy discounted stocks.
Another BI member who jumped into the market June 24 was Gary Glein, of Gig Harbor, Wash., who snapped up shares of CarMax Inc., a stock with limited international exposure. Gary told the newspaper he’s eager to discuss the ongoing impact of Brexit with his investment club.
In Pittsburgh, Nick Stratigos, also a BetterInvesting member, added to his portfolio on Brexit day with shares of Simulations Plus Inc., a software developer, which went up the following week.
“With two down days like we had, I wish I had more to invest,” he said in The Wall Street Journal.
But BetterInvesting member and Chicago resident Ray Giese said to the newspaper that he’s holding back from rounding out his portfolio until when and if prices fall to those 2008 levels.
BetterInvesting is a national nonprofit organization that has been empowering individual investors since 1951. Founded in Detroit, the association (formerly known as National Association of Investors Corporation) was borne out of the conviction that anyone can become a successful long-term investor by following commonsense investing practices. BetterInvesting has helped more than 5 million people become better, more informed investors by providing webinars, in-person events, easy-to-use online tools for analyzing stocks, a monthly magazine and a community of volunteers and like-minded investors. For more information about BetterInvesting, visit its website at www.betterinvesting.org or call toll free (877) 275-6242.