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Opus News & Insights

CHINESE CHECKERS - Volatility From China and How It Affects Your Portfolio
Thursday, August 27, 2015

Chinese checkers is a strategy board game played by up to six players, individually or with partners. Despite its name, the game originated in 19th century Germany; the name was developed as a marketing scheme in the U.S. in the 1920s.

opus capital managementFast forward to 2015 and the Chinese government is using the second largest economy in the world to play its own game of strategy with global stock markets. News of Chinese stock market volatility and government manipulation is dominating the headlines. Here is a summary of our thoughts on China and how it affects your portfolio:

  • The complexity of the Chinese stock markets, coupled with government manipulation, create an environment ripe for volatility.
  • Importantly, we do not own any mainland Chinese stocks. Most clients own small amounts of Chinese companies listed in Hong Kong or U.S. stock markets.
  • The slowdown in China’s economy has disrupted markets around the world. Emerging market stocks have been hit particularly hard, down 25% over the past twelve months, and even the U.S. market has succumbed to the negative sentiment, falling 10% over the past week.
  • Acknowledging the short-term volatility, we recommend investors stay patient with both U.S. and emerging market stocks.
  • We will capitalize on long-term opportunities by investing excess cash, harvesting tax losses, and rebalancing portfolios into stocks should turmoil accelerate.

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