Despite the government shutdown and legislative fight over funding Obamacare, financial advisors remain optimistic. The WealthManagement.com Advisor Confidence Index (ACI), a benchmark of financial advisors’ views, fell slightly to 111.96. A reading over 100 indicates advisor sentiment is in optimistic territory.
One of the upbeat financial managers is Covestor portfolio manager Gary J. Harloff of Harloff Capital Management in Westlake Ohio. Harloff, who manages the Opportunistic ETF portfolio, sees capital spending driving the market.
As Harloff told WealthManagement.com:
The U.S. economy is growing, as is investment in plants and equipment. As bond interest rates are reset due to return to normalcy, the sidelined corporate and individual cash will reengage in the equity markets. The U.S. equity markets should grow by 12% in the next 12 months.