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Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) at the opening bell, October 25, 2018 in New York City.
“These are more experienced investors, sitting tight and staying the course,” said Mike Loewengart, chief investment officer at E-Trade Capital Management. “Any near-term noise is never a good idea to make wholesale changes. Over longer periods of times these events are less meaningful.”
Loewengart said one mindset that has always distinguished wealthy investors is recognizing that good times can’t last forever. “There will be a pullback, there will be another recession, they are certain of it happening, but don’t know when.”
But the wealthy do believe there are headwinds for the economy that will hurt their personal financial situation and that are bringing stocks closer to the end of their decade-long run. The largest group of millionaires believe stocks have one to two years at most remaining before the end of this bull market. “That is considerably higher than what we saw in the overall survey or when we break down the results by Democrats or Republicans,” he said.
Another 25 percent of these wealthy investors said “the end is near.”