The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has managed to pare back some of its losses after falling to its lowest level in two-and-a-half years earlier this morning.
As was expected to happen, the benchmark index fell as much as 1.8% this morning to a low of just 4803 points, but has since regained some composure. It's at 4855 points, down 0.8%, at the time of writing.
The country's biggest retailers have done their part in supporting the market with Woolworths Limited (ASX: WOW) and Wesfarmers Ltd (ASX: WES) shares lifting 5% and 2.8% respectively, following Woolworths' decision to exit its failed Masters joint venture.
However, their efforts weren't enough to offset the damage being inflicted by the major miners or banks, all of which are languishing in the red today.
BHP Billiton Limited's (ASX: BHP) shares, for instance, have fallen 3% after oil prices crashed below US$29 a barrel on Friday, while Rio Tinto Limited (ASX: RIO) has dropped 2.6%. Woodside Petroleum Limited (ASX: WPL) and Origin Energy Ltd (ASX: ORG) have also plunged 2% and 5.7% each.
Meanwhile, Australia and New Zealand Banking Group (ASX: ANZ) and National Australia Bank Ltd. (ASX: NAB) have fallen 1.4% and 1.1%, respectively, while Westpac Banking Corp (ASX: WBC) shares are down 1.2% as well.
Foolish takeaway
In a recent post, Motley Fool columnist Morgan Housel wrote:
"No one knows what they want. When things are going well, people say they want a bear market because it would be an opportunity. When it comes, they get nostalgic for the days when everything was going well. It's helpful to acknowledge that our emotions are driven by factors we don't anticipate when envisioning the future."
For investors, it has been an excruciating start to 2016 (the worst start to a year in history, in fact). It's never easy watching your share portfolio plunge in value, nor is it possible to ascertain how long the declines will last, or how much your wealth could drop by the time it's over.
Remember though, Fools, volatility is a normal part of long-term investing. Some periods will be more volatile than others but the important thing is to remain focused on your long-term goals, and ensure you control your emotions. By thinking of your shares as businesses you believe will grow much larger over the next three or five years (or even longer!), it becomes easier to withstand the market's turbulence and accept that conditions will improve, over time.
