ASX:TPM 15 March 2025

March 21, 2026, 5:19 AM EDT. The current volatile stock market might seem risky, but a crash can offer great value to long-term investors. High-quality stocks often trade at elevated multiples, making them expensive and dependent on future growth. For example, BP shares surged 35% this year, not necessarily reflecting a proportional business improvement. Similarly, Halma's shares carry a free cash flow multiple above 30, implying low immediate returns below government bond yields. However, a market downturn could lower share prices, boosting starting returns and reversing the risk-return balance. While falling prices hurt sellers, they create promising buying chances, especially if bond prices rise simultaneously. For those with patience, a crash might be a strategic entry point to acquire undervalued quality shares.