Sixty-three percent of investors and business owners in the U.S. have changed their portfolios in advance of the presidential election, according to a UBS survey.
The results of the survey were detailed in a report by Business Insider on Thursday.
UBS, the largest wealth manager in the world, surveyed 1,000 investors and 500 business owners between Oct. 16-21.
It found the most common adjustment made was increasing cash — 36% of investors said they have done so in advance the election. And many of those surveyed say they plan further adjustments depending on who wins.
President Donald Trump was favored by 52% of investors and 54% of business owners on the economy. Joe Biden was preferred by 48% of investors and 46% of business owners on that issue.
Twenty-five percent of investors said they would reduce stocks if Biden wins and 29% said they would increase their stocks if Trump wins.
Fifty-two percent said a contested election would spark a market decline, compared to 19% who said it would result in a market upswing.
More than half — 55% — say they are concerned about Trump contesting the election result.
Meanwhile Trump hailed the latest figures on Thursday showing the U.S. economy grew at a record 33% rate in the third quarter.
He tweeted: “Next year will be FANTASTIC!!! However, Sleepy Joe Biden and his proposed record setting tax increase, would kill it all.”
Jeffrey Rodack ✉
Jeffrey Rodack, who has nearly a half century in news as a senior editor and city editor for national and local publications, has covered politics for Newsmax for nearly seven years.
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