The Spectrem Millionaire Investor Confidence Index, a poll of wealthy American investors by consultancy Spectrem, plunged in August to its lowest reading in more than a year. The index, which gauges the confidence of people with more than US$1m in investable assets on a scale of -100 to +100, fell 11 points in the latest reading, to -18, or “mildly bearish territory” according to pollster. The decline is “particularly troubling”, says Spectrem, “since it suggests millionaires, typically more sophisticated than the broader affluent population, are reverting to a bearish frame of mind.”