Millionaires are bullish on the market in Q3, according to E-Trade

E-Trade released its survey of 898 active investors managing at least $10,000 in an online brokerage account. Of these investors, 157 hold portfolios of $1 million dollars or more of investable assets. Mike Loewengart, managing director of investment strategy at E-Trade, discusses the sentiment of these investors for the third quarter 2021 and compared to the previous quarter.
Sun, Jul 18 20218:15 AM EDT

Millionaires are increasingly bullish. They believe the economy is strong and expect that it will continue to grow albeit more modestly. And convictions about where the market will land show signs of bullishness with 70% predicting the market will finish in the green this quarter.

Millionaires are less likely than the broader group of investors to think inflation is transitory, although a wide majority are aligned with Fed chairman Jerome Powell. And although inflation concerns jumped significantly for millionaires and the total alike, they still view it as less of a concern in how they manage their market money.

This group of millionaires is significantly less likely to believe that the market is in a bubble, down 11 percentage points quarter over quarter, and 14 percentage points less than the total investor population. This could be due to the relatively quick pace of the economic recovery. Millionaires seem to see the light at the end of the tunnel and are choosing to stick to their long-term views on the market.