"The next two months will be painful," says Burkhard Varnholt, chief investment officer of the Swiss private bank, Sarasin. "[But] if you focus on quality, you will have a great time in the upswing."
The past few months have been especially dismal. Stock markets have plummeted. "Losing 10 per cent on a client's portfolio is the new break-even," says one wealth manager.
Investors who lost money on structured products, such as accumulators and Lehman mini-bonds, protested on Hong Kong streets, alleging banks had misled them about the risks.
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