Jarislowsky talks stocks and labour woes
1:33 PM, E.T. | September 30, 2011
Despite a struggling global economy and volatile stock markets, legendary investor Stephen Jarislowsky tells BNN he likes equities.
“The best time to buy is in the panic because that’s when people are the most irrational,” he tells BNN. “I’m buying all kinds of stocks.”
Jarislowsky says one of the biggest problems facing North American and European economies is the rise of cheap labour in emerging markets.
“We have two recessions: one is occasioned by the displacement of labour in North America and Europe by countries that have far lower labour rates and…can do the exact same thing and have more modern factories,” he says. “If we don’t do something about this labour differential it’s quite obvious we’ll be in a long recession.”