More wealthy investors see the end of the bull market coming

Investors think the end of the record bull run is almost here — but they aren’t blaming the change of power in Congress.

Those are among the takeaways of a new report by E-Trade, which found that only 9 percent of investors with at least $1 million in a self-directed brokerage account expect stock market volatility to decrease as a result of midterm election results that turned out as they expected.

More millionaires expect volatility to remain the same (47 percent) or increase (44 percent), according to a survey conducted by E-Trade Financial between Nov. 7 and Nov. 12 among 900 investors who trade their own accounts (the results for the more than 100 millionaires included in this survey are provided exclusively to CNBC). Sixty-seven percent plan to make no changes to their portfolios as a result of the elections, the E-Trade survey found.

After the midterm elections that saw Democrats retake the House of Representatives, the markets suffered another bumpy week in the post-midterm election period, with steep losses suffered by stocks. But if political headlines weighed on investors, it was more likely that the unresolved trade war with China was the reason, rather than the reshuffling of House seats.

Several headlines from the past week featured White House officials contradicting each other over trade negotiations with China and the potential implementation of additional tariffs in January. That back-and-forth may have contributed to losses of more than two percent for the Dow Jones Industrial Average and Nasdaq.

However, E-Trade’s data suggests that many wealthy investors are not focused on short-term political risks, and are not making major changes to their portfolios in the post midterm election period, even if they expect volatility to remain elevated.

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