Tags: wealthy | investors | optimistic | stocks

Survey: Only 40 Percent of Wealthy Investors 'Bullishly Optimistic' on Stocks

By    |   Monday, 23 June 2014 01:10 PM

While the S&P 500 hit yet another record high Friday, many wealthy investors apparently aren't convinced the party is going to continue.

A U.S. Trust survey of 680 people with investible assets of $3 million or more found that only 40 percent are "bullishly optimistic" on stocks. A total of 10 percent are pessimistic, and 12 percent are afraid of losing money in the stock market.

Many wealthy investors are concerned about regulation, political paralysis and the Federal Reserve's massive easing program, Joe Quinlan, chief market strategist at U.S. Trust, told CNNMoney.

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"There are a lot of things keeping them from jumping in with both feet," he said.

To be sure, Quinlan thinks the wealthy will ultimately return to stocks, boosting the market. In the survey, 42 percent of respondents said they are chasing higher returns, despite the stock market's risk.

Others share Quinlan's positive view on stocks.

"If the economy continues to grow the way it’s growing and the Federal Reserve remains as supportive as it is, I think we have more highs to achieve before the year is out," Krishna Memani, chief investment officer at Oppenheimer Funds, told The Associated Press.

The economy shrank 1 percent in the first quarter, but many analyst expect growth of 3 percent or more for the rest of the year.

As for the Fed, it has kept short-term interest rates near zero since December 2008, and most economists don't anticipate a rate hike before mid-2015.

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InvestingAnalysis
While the S&P 500 hit yet another record high Friday, many wealthy investors apparently aren't convinced the party is going to continue.
wealthy, investors, optimistic, stocks
269
2014-10-23
Monday, 23 June 2014 01:10 PM
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