The Madoff debacle has “single handedly” ended boomers’ desire to invest in equities.
Miller Tabak & Co. analyst Dan Greenhaus, tells MarketWatch’s Kate Gibson, the whole thing has “put the nail in the coffin for millions of baby boomer investors with respect to their desire to invest in the stock market. Billions of dollars have been lost and untold billions more have been pulled from equities never to return.”
Those age 60 and over are done altogether with equities along with a majority of those in their 50s and older.
“This should prove to be a major headwind for equities going forward, as this segment of the investing population controls a tremendous amount of wealth,” Greenhaus said.