- Millionaire investors remain bullish on the stock market and economy, according to a survey conducted by E-Trade Financial and provided to CNBC.
- A majority of self-directed investors with $1 million or more in a stock trading account think stocks will continue to rise through the end of the third quarter 2019.
- Most of these affluent Americans are not planning major investment portfolio changes.
People at the very top are a little confused by the current economy and top in the market.
Warren Buffett has said that no economic textbook explains the “strange” economic situation we are in today. Federal Reserve Chairman Jerome Powell recently testified that the decades-old relationship between unemployment and inflation “has gone away, ” so the old rules about raising rates to limit inflation don’t apply today.
Ray Dalio of the world’s biggest hedge fund, Bridgewater Associates, says that a coming “paradigm shift” in investing means it is time to reduce risk by investing in safe-haven assets, including gold, as central banks get more aggressive with policies that devalue currencies.
Maybe stranger still: Even as it is more difficult today to make sense of the current relationship between central banks, the economy and the market, that is not proving to be a concern for investors when it comes to keeping their money in stocks, according to the latest survey of market millionaires conducted by E-Trade Financial. The survey was conducted in early July among 205 investors with $1 million or more of investable assets and is provided exclusively to CNBC.
www.cnbc.com/2019/07/22/how-people-with-a-million-in-the-market-feel-about-stocks.html