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ACM Wealth Management’s Tony Montanari on how Americans perceive the economy’s outlook.
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Good -- despite the depressing data we hear about the economy -- new survey by Merrill Lynch shows that America's rich.
I'm more confident only 30% of those surveyed considered themselves conservative investors that is down from 36% a year ago.
And this is despite some really troubling economic numbers coming out all this week and especially today.
Up in the Chicago business barometer showing the business activity in the US fell to its lowest level in three years.
Here now for more on this what is.
Director PCM wealth management.
Tony months and Ari thank you so much for joining us and it you know it's hard for me to believe that investors no matter how much money they have.
Are feeling more confidant and less risky -- are you actually really seeing that in practice.
You know I've really Yemen and thanks for having me here today Melissa.
You know I think part of it is just human nature were.
If three or four years removed from the bottom of the market and in early 2009.
And you know we've seen the S&P.
You rebound from a low of somewhere around 6666.
To where we are today and I think it's only human human nature -- the -- feeling better because our 401 -- are worth more investments are worth more.
So I think.
Your house is worth absolutely nothing wages are stagnant I mean is it just the super wealthy and that.
Quantitative easing and and all of the money printing in everything that everyone in Washington has done has helped the very rich because equities have gone up but other than that.
I mean there hasn't been a real gain in wealth.
No I mean well you're exactly right I mean I think to a certain extent there is feeling of the rich just keep getting richer and you know and everyone else is still struggling in in obviously -- high unemployment numbers.
You know thanks to suggest that.
Yeah -- and we need it it is all this quantitative easing out of the Fed that's definitely helping the stock market in.
And whatever you think of -- President Obama the politicians that are currently Washington it is helping.
The wealthiest individuals right now what they're doing I guess.
I wonder.
Does this is it really feeling more confident though or is it just.
This is the new normal and it's sort -- investors are saying it's not gonna get out much better from here so I have to find a way to kind of trying make some money somewhere so I have to.
You know be pushed down to -- your assets and trying to make some money.
-- you -- firstly I really don't like that phrase the new normal I mean you know history's shown that you know the the stock market the -- you know of the economy all runs in cycles.
And so you know we're just in a particular cycle right now but you I think to a certain degree people do you feel better.
Than they did -- a few years ago when when things were much worse obviously -- there's still a lot hanging over us in terms of you know the the debt ceiling high unemployment what's going on in Europe.
So.
-- and -- feeling better though besides the stock market what else could you point to that's doing well.
Well you know I I think firstly real estate is doing better I -- -- as I drive around here in Charlotte you're seeing.
You know more homes selling.
You know I'm I'm I'm reading about the prices you know are ticking back up a little bit.
There's been foreclosed homes that have been sitting there for.
You know months if not years that all the -- -- seem buyers moving in so you know what even -- real state isn't where was that no -- thousands is that there's some batter.
36%.
Below the national average below where they were in 2006 -- you haven't -- -- back to that level but I guess to your comparing it to just a year or two ago.
Or are what you -- although there are still so many people that are underwater I don't know I'm not sure makes much sense -- but Tony thank you so much for coming out we certainly appreciate your time you.
