Americans may have given up on equities, pulling $380 billion out over the past five years.
NEW YORK — Andrew Neitlich is the last person you’d expect to be rattled by the stock market.
He once worked as a financial analyst choosing stocks for a mutual fund. He has huddled with dozens of CEOs in his current career as an executive coach. During the dot-com crash 12 years ago, he kept his wits and did not sell. But he’s selling now. “You have to trust your government. You have to trust other governments. You have to trust Wall Street,” said Neitlich, 47. “And I don’t trust any of these.”
Defying decades of investment history, ordinary Americans are selling stocks for a fifth year in a row. The selling has not let up despite unprecedented measures by the Federal Reserve to persuade people to buy and the comehither allure of a levitating market. Stock prices have doubled from March 2009, their low point during the recession.
It’s the first time ordinary folks have sold during a sustained bull market since relevant records were first kept during World War II, an examination by the Associated Press has found. The AP analyzed money flowing into and out of stock funds of all kinds,