Globe and Mail Investor Survey Results
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This survey was posted on Globeinvestor between December 8th and December 15th, 2003 and received 2195 responses. All questions were optional and not all respondents answered all questions. Where percentages are used, they are based on the number of respondents who chose to answer the question.

The Markets

1.) In 2004, do you see the major stock indexes:

rising modestly:1580 / 73%
little changed:199 / 9%
rising sharply:188 / 9%
falling modestly:110 / 5%
falling sharply:98 / 4%
Total respondents: 2175

2.) Has the bear market affected your willingness to invest in stocks, either directly or through mutual funds?

It hasn't changed my investing at all:968 / 45%
I have increased my equity investments:622 / 29%
I have cut back on my equity investments:518 / 24%
I no longer invest in stocks:59 / 3%
Total respondents: 2167

3.) Are you:

holding some cash, but looking to invest it soon:861 / 40%
fully invested right now:815 / 38%
holding some cash, but not looking to invest it:325 / 15%
planning to keep large amounts of cash on the sidelines indefinitely:147 / 7%
Total respondents: 2148

4.) What rate would it take on a five-year GIC to pull you away from stocks or other investment products?

8-9%:746 / 35%
10% or more:623 / 29%
6-7%:601 / 28%
5-6%:168 / 8%
Total respondents: 2138

5.) How was your portfolio affected by the bear market?

Hurt somewhat:1164 / 54%
Hurt severely:424 / 20%
I made some money:306 / 14%
Not hurt at all:174 / 8%
I made a lot of money:97 / 4%
Total respondents: 2165

6.) I feel the bear market was:

a tough but worthwhile learning experience that I will grow from:1363 / 64%
not a major event:502 / 23%
a harrowing experience that permanently undermined my confidence in the markets:271 / 13%
Total respondents: 2136

Mutual Funds

1.) Has the mutual fund scandal in the United States influenced your attitudes toward mutual funds for the worse?

Yes:1314 / 61%
No:835 / 39%
Total respondents: 2150

2.) Do you believe that Canadian fund companies are guilty of allowing or committing trading abuses that negatively affect unitholders?

Yes:1251 / 58%
Don't know:662 / 31%
No:165 / 7%
Don't care:76 / 4%
Total respondents: 2154

3.) Generally, do you plan to put less or more money in mutual funds in the future?

Less:1238 / 59%
About the same:597 / 28%
More:164 / 8%
Don't know:111 / 5%
Total respondents: 2111

4.) If you plan to put less money into mutual funds, what alternative to fund investing do you see yourself using primarily?

Individual stocks:1027 / 60.9%
Exchange-traded funds:227 / 13.4%
I plan to spend it on other things:115 / 6.8%
Real estate:110 / 6.5%
GICs:92 / 5.4%
Individual bonds:78 / 4.6%
Closed-end funds:20 / 1.1%
Hedge funds:12 / 0.7%
Wrap accounts:5 / 0.2%
Total respondents: 1686

5.) Which attribute most attracts you to a mutual fund?

The strongest performance over the long term:755 / 38%
Low management fees:422 / 21%
The fund manager's reputation:254 / 13%
Good performance in down markets:246 / 12%
The reputation of the company that offers the fund:225 / 11%
The strongest returns over the past year or so:76 / 4%
Total respondents: 1978

6.) Do you believe that mutual fund management expenses are too high?

Yes:1857 / 90%
They're about right:99 / 5%
Don't care:62 / 3%
No:52 / 3%
Total respondents: 2070

7.) How would you rate the job the fund industry does in showing investors how much they pay in fees, and how those fees affect their investment returns?

Awful:1003 / 47%
Could be better:852 / 40%
Acceptable:245 / 12%
Excellent:20 / 1%
Total respondents: 2120

8.) Looking at how your own mutual funds have performed in recent years, are you on the whole:

dissatisfied:929 / 45%
satisfied:670 / 33%
very unhappy:370 / 18%
very pleased with the results:77 / 4%
Total respondents: 2046

My Investing Profile

1.) I would describe my investment knowledge as:

reasonably strong:1093 / 50.4%
moderate:702 / 32.4%
sophisticated:306 / 14.1%
minimal:63 / 2.9%
I know next to nothing about investing:6 / 0.3%
Total respondents: 2170

2.) I have been investing for:

more than 10 years:1332 / 64%
10 years or less:476 / 23%
five years or less:277 / 13%
less than a year:14 / 1%
Total respondents: 2090

3.) I follow my stocks, bonds and mutual funds on-line or in the newspaper:

daily:1538 / 72.7%
weekly:414 / 19.6%
monthly:83 / 3.9%
occasionally:61 / 2.9%
rarely:14 / 0.7%
never:6 / 0.3%
Total respondents: 2116

4.) I would classify myself as:

an aggressive investor focusing mainly on stocks or equity funds:1022 / 47%
a middle-of-the-road type with a mix of stocks and bonds:953 / 44%
a conservative type with little exposure to stocks:168 / 8%
an ultra-conservative investor with zero in stocks:21 / 1%
Total respondents: 2164

5.) My interest in investing since the bull market peak in the late 1990s has:

stayed the same:1085 / 51%
grown:831 / 39%
declined:222 / 10%
Total respondents: 2137

6.) My investing is done:

on my own:1106 / 51%
some on my own and some with an adviser:670 / 31%
through a financial adviser:379 / 18%
Total respondents: 2155

7.) I would rate my adviser or on-line broker as:

good:634 / 30%
okay:537 / 26%
I don't use an adviser or on-line broker:360 / 17%
needs to improve:260 / 12%
excellent:232 / 11%
very poor:68 / 3%
Total respondents: 2091

8.) I consider research from stock analysts at the major investment-banking firms to be:

somewhat useful, but not always reliable:1185 / 55%
interesting trivia, but of little use:367 / 17%
tainted, because their firms do business with the companies that issued the stock:312 / 15%
unreliable and inaccurate:175 / 8%
extremely useful in helping me make decisions on stock buying and selling:112 / 5%
Total respondents: 2151

9.) The high-profile cases of corporate fraud and unethical behaviour by corporate executives have:

disillusioned me somewhat:1435 / 67%
had no impact on me:487 / 23%
soured me to the point where I plan to invest less in stocks and equity funds:209 / 10%
Total respondents: 2131

10.) My confidence in securities regulators to protect my investments from frauds and unethical practices by company officials and investment professionals is:

moderate:860 / 40%
weak:809 / 37%
I have no confidence at all:398 / 18%
strong:104 / 5%
Total respondents: 2171