U.S. investors, though still bullish in the longer term, are scaling back their portfolios after last month’s selloff.
Twenty-eight percent of investors in a recent Bloomberg News poll expected their returns this year to trail last year’s and only 10 percent expected to do better – a reversal from a similar poll 12 months ago. They also were more cautious about the economy, with only 15 percent expecting it to improve in the next six months, down from 25 percent a year ago.
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But to many of the more-affluent investors, the slump is an opportunity to buy. More than 60 percent of those with six-figure and higher incomes said they expect stocks to earn the highest rate of return over the next 10 years, up from 50 percent last year. And enarlynearly 75 percent, up from 70 percent last year, expect the next decade to equal or better the past decade’s 9-percent annual return.
“We’re going to have a few ups and downs,” said Lee Spencer, 67, a restaurant owner in Westlake Village, Calif., who participated in the March 3 to 11 poll. “But nobody is going to beat the U.S. in the long-run.”
So far today, the U.S. stock markets have stabilized after yesterday’s greater than 200 point loss.
“There’s still a solid fundamental backdrop in the market,” Timothy Woolston, who helps manage $2.1 billion at Boston Advisors LLC in Boston, told http://www.bloomberg.com/apps/news?pid=20601084&sid=aZpdLpHI.yIw&refer=stocks>Bloomberg News. “Plenty of companies out there are doing just fine.”
As of 11:32 a.m., the Dow Jones Industrial Average had fallen 29.48 points to 12,046.48.
