Most believed that the current turbulent stock market and economic downturn “will be the most depressed economic period of [their] lifetime”, according to a survey released today.
Only 35 per cent of high net worth investors had taken advantage of reduced stock prices, according to the survey conducted annually by US Trust, Bank of America's private wealth management division.
While 69 per cent of wealthy investors said they thought the stock market would rebound and it was a particularly good time to buy stocks, the majority had not made significant changes to their portfolios. Most expected the economy to worsen over the next 12 months.
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