The bull market is not over yet despite the recent stock market pullback, according to Citigroup’s wealth chief.
Andy Sieg says the market continues to have “some room to run” and the market has not reached a turning point, reports Bloomberg.
Sieg says the bank’s confidence comes in part from tracking wealthy investors who want to enter the market.
“Wealthy clients still have cash on the sidelines and are focused on entering the market with downside protection through products such as structured notes.”
He also points to market sentiment and a lack of euphoria.
There’s not exuberance, and there’s not the kind of behavior that you see in the late stage of a bull market where investors are, you know, throwing money at stocks.”
In addition, Sieg says investors in Asia are also having a significant impact, with inflows hitting an all-time high in Q3.
“Our net client inflows in Asia are the strongest that we see anywhere.”
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