Do people check their portfolios when the market crashes, or turn a blind eye?
As the markets tumbled on Monday, I wondered if people were more of less likely to look at their personal portfolios. My personal instinct is to save myself the anxiety, while venture capitalist Alan Patricof mentioned in an interview that he “wasn’t going to watch the market open and check my Blackberry every hour… the worst mistake you can make at this time is to make decisions irrationally.”
But it seems that Alan and I are in the minority.
E*Trade (ETFC) spokeswoman Susan Hickey told me that her company experienced a 42% increase in user log-ins on Monday, compared to an average day during the prior month. Moreover, mobile traffic (including iPad users) hit an all-time high, more than doubling the July average. She also reported major increases in inbound phone calls.
“People are very engaged right now with what’s happening in the market,” Hickey said.
She did not yet have Tuesday data, but said it likely would reflect continued high-than-normal activity.