A comprehensive study of wealthy families by private bank U.S. Trust found that only 40% of high net worth investors feel “bullishly optimistic” about the market. At the same time, 10% said they felt downright pessimistic and 12% described themselves as fearful of losing money

Jim Quinlan, Chief Market Strategist for U.S. Trust, says a lot of rich people continue to worry about regulation, Washington gridlock, and the lingering effects of the Federal Reserve’s unprecedented stimulus program, which has propped up stocks and the housing market but hasn’t done much for the rest of the economy.